{"id":37765,"date":"2023-07-07T00:00:00","date_gmt":"2023-07-06T22:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/notas-de-prensa\/the-banking-lab-focuses-on-privacy-reliability-and-usability-as-challenges-for-the-implementation-of-the-digital-euro\/"},"modified":"2026-04-09T12:36:23","modified_gmt":"2026-04-09T10:36:23","slug":"the-banking-lab-focuses-on-privacy-reliability-and-usability-as-challenges-for-the-implementation-of-the-digital-euro","status":"publish","type":"notas-de-prensa","link":"https:\/\/aebanca.es\/en\/actualidad\/notas-de-prensa\/the-banking-lab-focuses-on-privacy-reliability-and-usability-as-challenges-for-the-implementation-of-the-digital-euro\/","title":{"rendered":"The ‘Banking Lab’ focuses on privacy, reliability, and usability as challenges for the implementation of the digital euro"},"content":{"rendered":"

\u2022 The Spanish Institute of Banking and Finance has held a new session entitled \u201cDigital Euro: from purposes to reality\u201d<\/p>\n

\u2022 The experts agreed on the importance of minimizing risks to financial stability and clearly explaining the potential advantages of its use for citizens<\/p>\n

\u2022 The video is available at the following link<\/a><\/p>\n

The Spanish Institute of Banking and Finance has held a ‘Banking Lab’ session entitled \u201cDigital Euro: from purposes to reality,\u201d which was moderated by the Director General of the Spanish Banking Association (AEB), Mar\u00eda Abascal, and featured the participation of Carlos Cuerpo, Secretary General of the Treasury and International Financing; Juan Ayuso, Director General of Operations, Markets and Payment Systems at the Bank of Spain; Mar\u00eda Ruiz And\u00fajar, Head of Strategy and Business Development for Global Cards and Digital Solutions at Banco Santander; and Santiago Fern\u00e1ndez de Lis, Head of Regulation at BBVA.<\/p>\n

The speakers agreed that the main challenges for the digital euro will be privacy, reliability, usability, leveraging existing payment infrastructures, added value for citizens, as well as a proper explanation of the advantages it offers. The speakers emphasized that the digital euro is intended to complement cash, not replace it. \u201cThe digital euro is the adaptation of cash to modern times,\u201d in the words of Juan Ayuso. Carlos Cuerpo, for his part, stated that the design of the digital euro \u201ccannot put financial stability at risk,\u201d in agreement with the other speakers. <\/p>\n

The Secretary General of the Treasury and International Financing summarized the three key ideas in the proposal presented by the European Commission: \u201cUniversality versus proportionality regarding the use of the euro,\u201d \u201cflexibility or usability while ensuring financial stability,\u201d as well as \u201cprivacy, which is one of the most valued characteristics of cash.\u201d<\/p>\n

When asked about possible implementation timelines, the Director General of Operations, Markets and Payment Systems at the Bank of Spain indicated that the decision to issue a digital euro \u201chas not been made and will not be made in either the short or medium term.\u201d Juan Ayuso stated that the project is in the first research phase, which began in October 2021 and is expected to conclude in October of this year. Then, if the ECB Council approves it, the \u201cpreparation\u201d phase would begin. It should be noted that projects of similar magnitude have had an implementation period of between 5 and 6 years. \u201cRight now, we are deciding on the options that need to be on the table for when decisions have to be made,\u201d he emphasized. He also stressed that \u201cthe digital euro is being designed as a means of payment, not as a savings vehicle or store of value.\u201d <\/p>\n

In this regard, Santiago Fern\u00e1ndez de Lis recalled the importance of \u201cachieving a sound design for the digital euro project, avoiding a structural displacement of deposits and potential concerns about certain segments of the financial system.\u201d In his opinion, this last point \u201crelates to the need to set limits and ensure that the digital euro is a means of payment and not a store of value.\u201d BBVA’s Head of Regulation emphasized that the digital euro \u201cshould have a clear purpose, offer tangible benefits, and respond to a market need,\u201d in addition to \u201cminimizing risks to financial stability.\u201d <\/p>\n

Mar\u00eda Ruiz And\u00fajar, Head of Strategy and Business Development for Global Cards and Digital Solutions at Banco Santander, advocated for \u201cfocusing on those use cases that provide value to the user and are not currently covered,\u201d especially in cross-border payments, as well as \u201cleveraging existing infrastructures.\u201d<\/p>\n

Finally, the participants in the ‘Banking Lab’ agreed on the need to develop an appropriate narrative for citizens. \u201cWe must be able to properly convey the advantages, as well as the added value of the digital euro compared to existing options,\u201d stated Carlos Cuerpo. \u201cUser interaction is highly relevant,\u201d said Mar\u00eda Ruiz And\u00fajar, who advocated for making an effort from the banking institutions. <\/p>\n

The session featured the participation of the Director General of Bizum, \u00c1ngel Nigorra, who highlighted as fundamental challenges \u201cthe heterogeneity of different European countries\u201d; the explanation to users, so that \u201cthey understand how the digital euro and other means of payment coexist\u201d; as well as leveraging existing payment infrastructures, with the aim of ensuring greater efficiency.<\/p>\n

Download press release<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Spanish Institute of Banking and Finance has held a Banking Lab session entitled ‘Digital Euro: from purposes to reality,’ which was moderated by the Director General of the Spanish Banking Association (AEB), Mar\u00eda Abascal, and featured the participation of Carlos Cuerpo, Secretary General of the Treasury and International Financing; Juan Ayuso, Director General of Operations, Markets and Payment Systems at the Bank of Spain; Mar\u00eda Ruiz And\u00fajar, Head of Strategy and Business Development for Global Cards and Digital Solutions at Santander; and Santiago Fern\u00e1ndez de Lis, Head of Regulation at BBVA.<\/p>\n","protected":false},"featured_media":37768,"parent":0,"template":"","etiquetas-prensa":[835,836,830,833,834],"class_list":["post-37765","notas-de-prensa","type-notas-de-prensa","status-publish","has-post-thumbnail","hentry","etiquetas-prensa-digital-euro","etiquetas-prensa-digital-transformation","etiquetas-prensa-digitalization","etiquetas-prensa-european-central-bank","etiquetas-prensa-european-union"],"yoast_head":"\nThe 'Banking Lab' focuses on privacy, reliability, and usability as challenges for the implementation of the digital euro - 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