Amid the growing demand for cryptocurrencies, the Bank of Spain also started embracing the crypto revolution last year. Bank of Spain started the pilot tests for Central Bank Digital Currency (CBCD) by named ‘Digital Euro’. Bank of Spain published the articles to spread awareness regarding digital currency earlier and recently conducted a survey to seek public opinion.
The survey portrays that Spaniards are not that much interested in the ‘digital euro’ as compared to the government’s growing interest in digitalizing finance. People’s appetite for the digital euro isn’t that much admirable, but on the other hand, the Bank of Spain has a strong urge to launch a central bank digital currency and conduct a pilot test for the Digital Euro.
Details of the Survey
Bank of Spain has recently published a survey titled ‘Study on the habits in the use of cash’ which aimed at the utilization and acceptance of the ‘Digital Euro’. Ipsos conducted that survey among two groups of people, total number of participants was 1600. Two groups belonged to two different classes, one was on the general public and the other group was of small business owners.
Survey had the different questions, significantly including the question about regulating and acceptance of digital currency by the central bank of Spain, the Digital Euro. This question was also posted last year, and 20% of the audience didn’t even know about digital currency back then. But now in 2023, nothing much changed, although they had awareness about the digital field but not much interest in it.
The survey depicted that only 20% of the people showed willingness to accept digital euro and 65% of the audience said no to the use of digital euro. Most of the youth favoured the crypto regulation but the people from the age group of 50+ showed little interest in the crypto space. Bank of Spain keenly looking for the adoption of cryptocurrencies, and CBDCs and working on the pilot test. What else is needed is to educate the Spaniards about the safety, security, reliability and utility of digital fincance.
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