Associations for the defence of cash in Spain have shown their scepticism with the new announcement by the president of the European Central Bank (ECB), Christine Lagarde, that she intends to accelerate the arrival of the digital euro from 2027 to October 2025.

The announcement has caused concern among groups such as Denaria, which has been denouncing for years the restrictions imposed on the use of cash in Spain. Its president, Javier Rupérez, has warned that the ECB's project is surrounded by uncertainty and questioned the speed with which it is to be implemented. ‘We have nothing against the digital euro, but the dates have changed drastically and we still don't know if it will be treated in the same way as cash,’ he said, according to Libremercado.

The concern of these organisations is largely due to the limitations that already exist in Spain on the use of cash. According to Denaria, the reduction of the limit for cash payments to 1,000 euros imposed by the government of Pedro Sánchez is one of the most restrictive measures in Europe. Under the pretext of combating the black economy and tax fraud, such regulations have complicated access to cash, something that, according to advocates of its use, could intensify with the arrival of a digital currency backed by the ECB.

Christine Lagarde confirmed the acceleration of the digital euro during her appearance after the ECB's monetary policy meeting on 6 March. In response to questions from the press, the central banker acknowledged that the institution is ‘stepping on the gas’ to make the new digital currency a reality as soon as possible. ‘We are working with the European Parliament, the European Council and the Commission to make sure that this project is not forgotten,’ Lagarde said, stressing that the target date for its launch has been set for October 2025.

One of the most controversial aspects of the digital euro is the question of the anonymity of payments. Lagarde already made it clear in 2022 that ‘total anonymity, such as that offered by cash, is not a viable option’. These statements have fuelled fears that the digitisation of money could be used as a tool of financial control. Although the ECB insists that the new system will provide more privacy than other electronic payment methods, the reality is that transaction data will be in the custody of the Eurosystem, raising questions about how it could be used in the future.

Fuente: La Gaceta