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Fide officially presents the document Digital Money and Payment Systems 2022

"A correct regulation of digital assets and technologies will represent a competitive advantage for European financial markets in the global context and will provide the necessary legal certainty to promote economic and social progress"

Madrid, March 4, 2022.- The Foundation for Research on Law and Business (FIDE) presented in Madrid, the Document Digital Money and Payment Systems 2022.

We are witnessing a historic moment for money as we have known it in the last almost 100 years, the transformation of payments is happening at an unusual speed. The new trust promises stand out based on convenience of use; decentralized currency models without institutional support; and the new value transfer systems that will minimize the current frictions of delivery against payment, among others. Changes in financial intermediation are now inevitable and the recognition and inclusion of these new assets and their operators in the rules that structure our economic and social system are urgently needed. The change in the world of money, payment systems and infrastructures, is here and from there, the need for a new regulation that places Spain in a prominent place.

The Document Digital Money and Payment Systems 2022, brings together 17 articles that constitute a complete legal, economic and technological analysis of the world of Digital Money and Payment Systems in 2022. It is prefaced by the Governor of the Bank of Spain, Pablo Hernandez de Kos, and highly relevant professionals from the fields of law, economics, finance and technology have participated in it.
They participated in the presentation of the Document: Cristina Jimenez Savurido, President of the Foundation FIDE; Enrique Titos Martinez, Director of Digital Money and Payment Systems Working Group – DDSP. Academic Advisor of Fide; Miguel Angel Fernandez Ordonez, Economist. Former Governor of the Bank of Spain. Author of Secure Money Blog Fide; Juan Luis Encinas placeholder image, General Director of Iberpay. Member of the Steering Committee of the DDSP Group; Montserrat Guell Guard, Co-founder and CEO of Big Onion. Academic Advisor of Fide. Member of the Steering Committee of the DDSP Group and Gloria Hernandez Aler, Partner at finReg360. Academic Advisor of Fide. Member of the Steering Committee of the DDSP Group.

Image taken during the presentation ceremony.
From left to right: Montse Guardia, Gloria Hernández, Enrique Titos, Cristina Jiménez, Miguel Ángel Fernández, Juan Luis Encinas

Key issues such as:

  • The acceleration of the changes we are witnessing and the transformational impact driven by the emergence of new technologies.
  • The importance of having an efficient and innovative Payment System in a modern digital economy.
  • The new forms of digital money for a tokenized world and the options for banking in this context.
  • The Digital Identity and the why and how of the urgency and acceleration with which the associated regulatory framework (eIDAS v.2) and the next steps in its implementation (ESSIF) are being considered in Europe.
  • The regulatory challenges posed by digital money, tokenization and crypto assets, and the need to place Spain at the same level of regulation as Germany, France or Luxembourg, among other EU countries.
  • The geostrategic challenges of crypto assets, which undoubtedly gain prominence in the current global scenario.

It was highlighted that all the new developments entail opportunities and risks that the financial authorities must analyze in detail in order to respond to the challenge of maintaining an adequate balance between the risks and the benefits provided by the digitization of payments. 

This document offers a rigorous conceptual framework, from the different perspectives from which these issues must be addressed today. This document provides a magnificent understanding of these new economic and regulatory concepts and realities. The complexity of the subject requires a broad approach and from different disciplines, hence it is essential to read the Document Digital Money and Payment Systems 2022

After the interventions, a broad debate was opened with those in which the main issues included in the document were unraveled.

Document Digital Money and Payment Systems 2022

A legal, economic and technological analysis of the world of Digital Money and Payment Systems in 2022Access the full document here

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