Deputy Governor of the Bank of Spain Margarita Delgado spoke to university students and others about the introduction of the digital euro in Pamplona on Aug. 25. Looking into a future through the lens of the European Commission’s recently proposed digital euro legislative plan, she spoke at length about how private payment solutions will interact with the digital euro and its infrastructure.

The digital euro can help the European Union overcome challenges such as cross-border payment barriers, the costs to businesses of using private payment service providers (PSPs) and the general lack of PSPs in Europe. The development of central bank digital currencies and stablecoins elsewhere could make the last problem worse without the introduction of the digital euro. She said: