A top staff, Pablo Urbiola, of Banco Bilbao Vizcata Argentaria (BBVA); a bank based in Spain has been worried over the digital euro clamour and wondered how it will meet the need of the clientele community. Pablo noted that the financial administrators of Europe should examine the intricacies involved in introducing a central bank digital currency (CBDC).
Pablo on a Friday conference held for the European banking sector said that even though there has been an increase in the clamour for CBDC, it was still not explicit the particular needs the digital currency will meet for the customers. The senior economist stressed the need for the European Reserve Bank to make detailed inquiries and ascertain the pros and cons of having a digital currency. According to him, the European bank should come up with a model that will allow active participation of private enterprises so that a healthy competitive environment will be created.
Pablo stated that the bank should work on the different aspects of the digital currency development and ensure that the currency addresses particular needs. In his words, if the digital euro is meant to ensure decrement in the use of cash, the money should be made to take the form of electronic money and be used as such. In like manner, for whatever reason it is created, it should be made to meet the need.
The executive asserted that banks operating in Spain are ready to embrace the digital currency emphasizing that BBVA with fifteen other banks once carried out a trial run on the issuance of the proposed digital euro.
Pablo’s remarks comes immediately after the European reserve bank announced that digital euro can be employed to fight the use of artificial currencies in international settlements. In the beginning of June, the bank released its yearly publication which was a review on euro and in the publication, the use of artificial currencies was a major issue of concern.
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