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Thursday, March 23, 2023

The Bank Of Spain Is Already Testing The Digital Euro That Will Control Everything

European Central Bank starts testing phase of digital euro Last October 2021 with the intention of deploying a currency based on the blockchain system – the currency used by bitcoin and other cryptocurrencies – but controlled by a central body. Now, the project has gone a step further by executing First pilot test in Spainand in other countries of the euro area.

So things bank of spainamong other central bodies, This coin has been designated to study the possible implementation of, In particular, to test this monetary bet, the ECB and BdE have reached out to Spanish fintechs donorwhich through its cryptocurrency EURM will do the necessary tests To deploy the profits of that digital euro. Its purpose is none other than to look at the various utilities it may have, as well as the technical challenges it may find.

it will test

Through the above token, EURM, all Bizum users in Spain will be able to access this test Being done by ECB and BDE. To do so, all you have to do is register, enter your phone number, verify your identity via a video, and start using this demo version.

“In the test phase, the user (private) just enter your number Verify your identity via phone number, video identification, and load a wallet with real Euros via Buzzam. Automatically, as many EURM are deposited and created by the user as actual Euros Can send EURM to other users Registered”, he comments to Moni.

Furthermore, in Fintech they also explain that Users shall be natural persons, and can issue 10 euros per participant. Thus, the potential number of EURM users in Spain, once the project is successfully completed within the framework of a controlled test space, is about 57 million users, as this is the total number of mobile telephone lines in our country.

The dangers of the digital euro

most central banks in the world They are working on digital versions of their currencies, called CBDCs, For organizations, this is likely a great bet for fighting tax fraud, but it also poses a risk to users’ privacy. With the digital euro, the ECB will, among other features, have access to know every transaction made by a user.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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