A Bank of Spain report highlights that 65% of Spaniards are not inclined to use the digital euro, favoring traditional payment methods. Cash remains the preferred choice for most, with only 20% aware of the digital euro.
A recent report from the Bank of Spain has shed light on Spaniards’ reluctance to embrace the digital euro, the proposed European central bank digital currency (CBDC). Despite the ongoing evolution of payment methods, cash still reigns supreme, with 65% of the Spanish population using it daily. Credit and debit cards follow, with payment apps and electronic payments seeing modest growth.
The study revealed that only 20% of the general population had heard about the digital euro, and the majority expressed disinterest in using it. 65% of respondents indicated a preference for existing payment options. However, this sentiment varied by age, with younger users showing more openness to incorporating the digital euro into their payment methods, while older users were less receptive.
While the European Union has yet to make a decision on the digital euro, this report underscores the need to address public sentiment and awareness as the project advances.