In recent times, central bank digital currency (CBDC) projects have been gaining attention in many countries. A survey conducted in Spain revealed an interesting result: while the Spanish Central Bank aims to promote the adoption of a digital euro project, the country’s citizens do not seem to have the same strong desire for the European Central Bank’s digital currency project.
This situation emerged from the results of a survey titled “Research on Cash Usage Habits” published by the Spanish Central Bank. The survey was conducted with a total of 1,600 participants, along with a group created by Ipsos. The survey also included questions about a potential digital euro, which is a CBDC of the European Central Bank.
The study revealed that only 20% of the population has knowledge about the digital euro. The percentage among small business owners was also found to be 23%. However, the issues related to this project were presented to the public in 2022.
In a survey conducted in 2023, only 20% confirmed that they would use digital euro to complete regular payment methods, while 65% stated that they would not use this asset. A year ago, these figures were more supportive of CBDC, with only 58% responding negatively to this question in 2022.
The age group most interested in the digital euro was young people (18-24). 36% of this group stated that they would use the currency. However, this percentage gradually decreases with age: 31% among the 25-34 age group, 24% among the 35-44 age group, 18% among the 55-64 age group, and only 7% among those aged 65 and above.
In October, the Spanish Central Bank published a report explaining the nature and use cases of the digital euro. The bank highlighted that physical cash format does not allow for the advantages offered by the increasing digitization of the economy and society. However, the digital euro aims to integrate electronic payments into the financial system.
Spain recently demonstrated its strong commitment to the digital economy and decided to implement the Markets in Crypto-Assets Regulation (MiCA), a region-wide legal framework for crypto assets, six months ahead of its general deadline.