The Spanish Central Bank announced in the article published on its website that it will complete its digital money research by 2024.
The Spanish Central Bank Banco de España has published a plan on its website to outline its economic targets for the next four years. In the statement, which stated that the digital transformation of the economy and society and the new possibilities provided by technological progress have created some difficulties in the current structure, it was stated that it is planned to find solutions to these difficulties by researching new technologies.
Within the scope of the researches, it was stated that the development of payment instruments, the introduction, design and possible results of the digital central bank currency (CBDC) are also included.
The First Quarter of the Plan is Allocated to Digital Money
In the article published by the Spanish Central Bank, he also mentioned the priority research methods they aimed to focus on in the first year of the plan. The Spanish Central Bank, which plans to analyze the effects on the financial system and economy of the implementation of a digital central bank currency in 2020 and 2021, will also address various design proposals and issues related to digital identity.
According to FXStreet, the governor of the Central Bank of Spain, Pablo Hernández de Cos, said that they plan to expand access to the Central Bank’s balance sheet in the future by introducing the CBDC to all areas of trade, while the technological innovations to be achieved as a result of the research will reveal new ways to help improve the money and payment system. stated that he would put it.
Digital Transformation Among Priority Strategies
It was stated that an analytical framework will be developed to evaluate the use of machine learning and artificial intelligence models in financial services, and the risks and ways of applying new technologies by banks will also be determined.
Stating that the new opportunities provided by technological progress contain great opportunities and significant difficulties for the financial sector, the Spanish Central Bank also emphasized that digital transformation has an important place among the priority strategic targets of banks as in other sectors.