While Spain's central bank is exploring the potential adoption of a digital euro, a survey conducted by the Bank of Spain indicates that the country's public does not share the same level of enthusiasm for the European Central Bank's digital currency project. The survey, titled "Study on Cash Usage Habits," was carried out by Ipsos and involved 1,600 respondents from two groups: the general public and small business representatives. It also included inquiries about the digital euro, a potential pan-European central bank digital currency (CBDC).
The research reveals that only 20% of the general public is aware of the "digital euro." The percentage among small business owners is similar, standing at 23%. Looking ahead to 2023, only 20% confirmed their intention to use the digital euro alongside their regular payment methods, while 65% expressed no interest. A year earlier, the sentiment toward CBDC was more favorable, with only 58% responding negatively.
Among age groups, young people (aged 18-24) exhibit the most enthusiasm for the digital euro, with 36% indicating their willingness to use it. This percentage gradually decreases with age, with 31% for those aged 25-34, 24% for those aged 35-44, 18% for those aged 55-64, and just 7% for individuals over 65.
In October, the Bank of Spain published information explaining the nature and potential applications of the digital euro. The bank asserts that physical cash forms are not fully leveraging the advantages offered by the growing digitization of the economy and society. In contrast, the digital euro is expected to integrate electronic payments more significantly into the financial system.
Notably, Spain has demonstrated its commitment to the European Union's digital economy initiatives by deciding to implement a pan-European crypto framework known as the Market in Crypto Assets (MiCA) six months ahead of the overall deadline.
