PSOE, which holds the presidency of the country and is the leading force in the Chamber of Deputies, presented a non-law proposition (PNL) which looks to launch a national digital currency in response to decreased usage of physical cash, according to the Spanish newspaper El Economista.
Last week, the European Union designated the Bank of Spain and the National Securities Market Commission, Spain’s stock market regulator known as CNMV, to oversee crypto assets in the country.
Carlos Conesa, general director of the financial innovation division at the Spanish Central Bank (Banco de España), said this month that “the decision to launch a project on the digital euro is very close,” the report added.
The European Central Bank said Wednesday it is launching a two-year investigation on whether to introduce a digital version of the euro that would complement cash, taking a cautious step toward introduction as central bankers around the world eye digital currencies and their potential impact on policy and the financial system.
It would be a digital banknote. It could be used by individuals to pay in shops, or each other. The Bank for International Settlements, an international association of central banks, says digital currencies issued by central banks could promote diversity in payment options, make cross-border payments faster and cheaper, increase financial inclusion for people without bank accounts, and possibly facilitate fiscal stimulus transfers in times of economic crisis, such as a pandemic.
Digital Euro May Have Spending Limits Says Central Bank
Executive Board Members of the European Central Bank (ECB), have proposed that users of the digital euro should only be allowed to spend €50 per transaction and have a maximum monthly spending limit of just €1,000 if they want to avoid having their transaction data recorded by the ECB.
During an appearance at a “Towards a legislative framework for a digital euro” event (which was jointly organized by the European Commission (EC), the executive branch of the EU, and the ECB), Fabio Panetta, an Executive Board Member, discussed with other officials how they hoped to impose further restrictions when the digital euro rolls out.
Not only will the digital currency destroy your anonymity, technocrats plan to programme the money to purchase only state-approved goods.
No MORE Cash in Europe! The Digital Wallet is almost here | Redacted with Clayton Morris
Europe just took a major step towards totally removing your privacy. The European Parliament and Member States just reached an agreement on introducing the Digital Identity. Europe is also making it illegal to use cash above certain thresholds. This new Digital Identity will include a digital wallet as well. This move would give government unfettered access to everything you do.
