Bank of Spain Survey Reveals Limited Public Interest in Digital Euro

According to Cointelegraph, a recent survey conducted by the Bank of Spain revealed that the country's population does not share the same enthusiasm for the European Central Bank's digital currency project as the bank itself. The survey, titled 'Study on the habits in use of cash,' was conducted by Ipsos and included 1,600 respondents from the general public and representatives of small businesses. The study found that only 20% of the general public and 23% of small business owners were aware of the 'digital euro.'In 2023, only 20% of respondents confirmed that they would use the digital euro to complement their regular payment methods, while 65% said they would not. This is a decrease in support compared to 2022 when 58% responded negatively to the same question. The age group showing the most enthusiasm for the digital euro was the 18-24 age group, with 36% stating they would use the currency. This percentage gradually declines with age, with only 7% of respondents over 65 expressing interest in using the digital euro.In October, the Bank of Spain published a text explaining the nature and uses of the digital euro, claiming that physical cash 'does not allow to exploit all the advantages offered by the growing digitalization of the economy and society.' The bank also stated that the digital euro would make electronic payments a vital part of the financial system. Spain has recently demonstrated its commitment to the EU's digital economy initiatives by deciding to implement the Markets in Crypto Assets (MiCA), a pan-EU crypto framework, six months earlier than the general deadline demands.