From European countries, Sweden and France recently announced accelerating efforts to create national digital currencies (CBDCs). Now Spain can join them.
A proposal was sent to the Congress of this state to launch a token in connection with a decrease in the use of cash. A supporter of the launch of the CBDC is the Spanish Socialist Workers' Party.
According to the authors of the idea, the emergence of an innovative instrument will not only accelerate the modernization of the financial infrastructure but will also provide the greatest liquidity.
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With the help of CBDCs, the state will undermine the dominance of banks. That is, the authorities will strike a blow at the traditional financial system even without nationalizing banks.
Each citizen will have the opportunity to keep tokens in a digital wallet, which is deployed directly on the Central Bank platform. Thus, the dependence on financial giants, dictating their rules of the game to the market, will be reduced, CBDC supporters emphasized.