The main powers of the world have begun to test the launch of their digital currencies. Now it is the turn of the Spanish banks, which have started testing with the digital euro.
Digital money is a reality that has been with us for more than 10 years. There has been a lot of speculation about the disappearance of the banks, I talk about it myself in my book „The Bitcoin Empire“.
We have seen how in Spain they have been closing offices and adapting their services to new technologies. In these years we have seen how banks have been creating apps, new online banking access systems and new payment systems. Now it’s time for digital money, otherwise they can be left behind in the new form of commerce of the next decades.
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Euro digital: Iberpay kicks off
Iberpay will be in charge of centralizing the project. Iberpay is a Spanish company in which the most important banks in Spain participate and has already launched payment projects such as Bizum, which has millions of users in Spain.
In principle, the digital euro was to be launched in August, but due to the problems with the Covid, the proof of concept was left for this week. France has already begun to test the digital euro and Spain does not want to be less.
The company Iberpay, which would be the owner of the funds, will issue some tokens. The financial institutions would distribute them to their clients and it would be the company Iberpay who would support these funds. The ECB (European Central Bank) will be the one to issue the digital euros as it does with fiduciary euros.
The project will be initiated by the five big Spanish banks: Caixabank, Santander, BBVA, Bankia and Banco Sabadell. For every digital euro that is issued, one physical euro disappears. The value of the digital euro is exactly the same as a physical or fiat euro.