Spanish central bank official talks about private payment services in era of digital euro
Deputy governor of the Bank of Spain Margarita Delgado spoke to university students and others about the introduction of the digital euro in Pamplona on Aug. 25. Looking into a future through the lens of the recent European Commission’s recently proposed digital euro legislative plan, she spoke at length about how private payment solutions will interact with the digital euro and its infrastructure.
The digital euro can help the European Union overcome challenges such as cross-border payment barriers, the costs to business of using private payment service providers (PSPs) and the general lack of PSPs in Europe. The development of central bank digital currencies and stablecoins elsewhere could make the last problem worse without the introduction of the digital euro. She said:
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The digital euro would not be covered by common deposit insurance until a common supervisory and resolution authority is put in place under the European Deposit Insurance Scheme. Financial security has to be considered before the digital euro is launched, Delgado added.
Continuamos con la tradicional mesa redonda sobre política monetaria con Margarita Delgado, subgobernadora del Banco de España, @burkhardbalz, miembro del Comité Ejecutivo del BundesBank, Ángel Nigorra, director general de Bizum España, y @PabloZalba, comisario de los CEV. pic.twitter.com/Q05tFeaK17
The European Central Bank (ECB) foresees getting the digital euro up and running in the eurozone before expanding its reach. The retail use of the digital euro outside the eurozone will provide new opportunities for private PSPs to serve as intermediaries, Delgado noted.
The ECB has its own wish list for the
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