The digital euro, the crypto currency that will compete with the Bitcoin

According to a study conducted by Royal Vegas Online Casino, nearly 20 percent of online casinos accept Bitcoin for making and receiving transfers. This industry represents only a small percentage of the companies that accept this crypto currency for transactions. That's why the European Union has decided to launch the digital Euro, the crypto currency that will compete with Bitcoin and with the digital currencies of countries like China and Russia. In this context, there are already five Spanish banks authorized to carry out the first tests of this new crypto currency.

The arrival of the digital euroThe

digital euro is an alternative to the Bitcoin that will be issued by the European Central Bank.

This means that, unlike other crypto-currencies like Bitcoin, the digital euro will be regulated by a financial institution and will have to comply with the continent's own laws. Therefore, the digital euro will be a digital asset that will represent the currency of those countries that use the euro as their currency. In Spain, the European Central Bank has authorised five banks to carry out tests related to the operation of the digital euro. Thus, Santander, Bankia, BBVA, Banco Sabadell and Caixa Bank will work together with Iberpay, the service company dedicated to digital payments, which will concentrate the operations.

The project began to be developed in 2019, always with the aim of competing with other cryptosystems, such as Bitcoin, and the first tests were to be carried out in August this year; however, the pandemic slowed down the plans. It is expected, then, that this project will be carried out in October, which, in the long term, could lead to the elimination of cash. The main advantages of the

digital euroThe

main advantages of the implementation of the digital euro on the European continent are as follows:
  • On the one hand, it will allow all transactions within the European Union to have immediacy. In this way, companies and private individuals will be able to send and receive money instantly.
  • On the other hand, the values handled by crypto currencies are less than 1 cent.

    This means that the adoption of the digital euro offers a wide range of new investment possibilities.

  • Finally, the digital euro will be based on blockchain technology, which will provide the security and support needed to operate with confidence. The control provided by this new technology will reduce the possibilities of fraud and money theft.
The digital euro aims to compete with Bitcoin and other crypto-currencies and thus advance technological and financial development that will, in the long term, prevent the circulation of cash. The European Central Bank, together with Iberpay, will begin the pilot test of the adoption of the digital euro by working with five Spanish banks. The immediacy, value of digital currency and security of transactions will provide new economic opportunities.

Will the test be successful?.

Layla Morin
Layla Morin

Wannabe social media guru. Evil music specialist. Passionate food practitioner. Award-winning social media fanatic. Amateur food ninja.

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