Spaniards Exhibit Cautious Approach to Digital Euro

Although the Bank of Spain is publicly investigating the possibility of launching a digital euro, it seems that the people of Spain are not totally persuaded by the advantages of such a currency. According to a recent Ipsos study done on behalf of the Bank of Spain, public opinion and government excitement differ.

Limited Awareness and Willingness

The poll, which included 1,600 participants from two categories—members of small businesses and the general public—showed that little is known about the “digital euro”. Just 23% of small company owners and 20% of the general public are aware with the term. In 2023, this data was gathered.

The poll also looked at people’s readiness to accept the digital euro for regular transactions. Just 20% of respondents said they would be interested in using the digital euro in 2023, while the majority (65%) said they would not. Since 2022, when 58% of respondents opposed the central bank digital currency (CBDC), the trend has changed.

It’s interesting that the poll revealed an age-related pattern. The younger age (18–24) showed the most interest in the digital euro, as 36% of them said they would be happy to utilize it. That excitement, however, decreased with age: 31% of respondents were between the ages of 25 and 34, 24% were between the ages of 35 and 44, 18% were between the ages of 55 and 64, and just 7% were older than 65.

The Bank of Spain gave information in October about the functions and characteristics of the digital euro. The bank feels that the advantages of the increasing digitization of the business and society cannot be fully realized with physical currency. Nonetheless, it is anticipated that the digital euro will be essential to improving electronic payments in the financial system.

As seen by its early acceptance of the Markets in Crypto-Assets (MiCA) framework, Spain is aggressively embracing digital economic innovations; nonetheless, the public’s apprehensive attitude regarding the digital euro presents a barrier to widespread adoption in the future.