Bank of Spain to Weigh Digital Currency Design Proposals, 'Implications' Through 2021

Published on by Coindesk | Published on

Oct 16, 2020 at 18:26 UTCUpdated Oct 16, 2020 at 19:39 UTC.Spain's central bank is fast-tracking research on digital currency 's design and the economic implications of central bank digital currency introduction as per a four-year strategic plan released Friday.

CBDC researchers will "Consider different design proposals" and analyze digital currency's financial and systemic risks for Spain.

They will also study how "Digital identification" relates to CBDC, the plan said.

This "Priority" research will begin this year and carry through the end of 2021.A member of the eurozone, the Bank of Spain cannot unilaterally introduce its own sovereign CBDC.However, the European Central Bank is currently mulling a digital euro through committee work that includes Spanish central bankers.

The future of that work will be determined in mid-2021.Disclosure.