According to a report by the Spanish Central Bank, 65% of local residents are not ready to use the digital euro, as they are completely satisfied with the available payment methods.

The Bank of Spain conducted a survey among 1,606 individuals and 1,616 small shop and hotel owners in Spain, asking them how they feel about the European Central Bank Digital Currency (CBDC)? It turned out that Spaniards have a low level of trust in the digital euro. 65% of respondents answered that they would not use it because they were satisfied with cash. Only 20% are willing to use the digital euro along with other payment methods.

The researchers also found that after cash, credit and debit cards come next in popularity. Payment applications and electronic payments are not in great demand, although compared to last year, they have become more common. The report also notes that despite the Anti-Fraud Law introduced in 2021, which caps cash payments at €1,000, and a reduction in the number of ATMs in the country, Spaniards still prefer cash.

In addition, residents of Spain know little about the digital euro: only 20% of the population have heard about the possible launch of a CBDC. In addition to low awareness of the government stablecoin, the majority of users surveyed did not like the idea of ​​a CBDC. Moreover, preference for the digital euro decreases as age increases: young people are more open to new solutions. 34% of surveyed citizens aged 18 to 24 are ready to use the new payment technology, while only 7% of users over 65 are ready to try the digital euro.

The European Central Bank (ECB) has not yet made a final decision on the launch of a digital euro. After two years of research, the pilot project moved to the next preparatory phase. The ECB is now selecting companies that could develop a platform and infrastructure for the state cryptocurrency. In September, ECB President Christine Lagarde said it could take at least two years for the digital euro to fully launch.