Banco de España will explore the possibilities of launching a national cryptocurrency

Spain’s main financial regulator (Banco de España) intends to explore the possibility of launching a national digital currency. The relevant information is contained in the latest document reflecting the country’s economic development plan, and calculated until 2024.

In particular, specialists will pay special attention to the possible risks and advantages of digital currency over traditional money, as well as assess the impact on the financial system. The head of the regulator Juan Ayyuso Huertas also takes an active part in the work.

It should be noted that the rhetoric of the Spanish regulator in relation to cryptocurrencies in general still remains restrained. Last year, Banco de España warned market participants about the risks of working with such instruments due to the lack of a regulatory framework and state control over the activities of crypto companies.