CFPB expands oversight of digital payments services including Apple Pay and Cash App
Spain’s Central Bank Governor Says Digital Euro Not Consumer Priority, Pushes for Wider Collaboration
The governor of Spain’s Central Bank has said that a digital euro is not a priority for consumers at the moment, but instead stressed the importance of collaboration between banks and authorities in order to make the idea a reality.
Speaking at the Future of Payments Conference, Pablo Hernández de Cos said that aim of the digital euro would need to be clearly explained to the public.
He said it should not be seen as a “revolutionary concept” but rather as an addition to existing payments systems, such as cards.
He also noted that collaboration between financial institutions and authorities was needed in order to move the idea forward.
The focus of the project, according to the governor, should be “to improve the digital payments and their reach and speed.”
Hernández de Cos also argued that collaboration on the digital euro should be based on the “principle of non-discrimination”, as central banks should remain open to a range of players, whether established or new entrants.
The governor concluded his remarks by saying that the development of the digital euro should be “rooted in a sound legal framework and transparent procedures.”