DDSP extension

Digital Money and
Payment Systems


The “Digital Money and Payment Systems” Working Group (DDSP) results from the evolution of the Digital Currencies Group that was created in FIDE after the announcement by Facebook of the intention to launch the “Libra” cryptocurrency in 2019. 

The DDSP Group identifies, discusses and proposes about the changes brought about by the arrival of new technologies to the world of money in a broad sense, and studies the impacts and developments in payment systems, market infrastructures, financial and banking systems, and their regulation.

In parallel to current monetary and financial systems and hand in hand with technologies such as blockchain and encryption new players and financial services are emerging around crypto assets or tokenization, which provide new ways of transferring or managing value. At the same time, the tech giants are increasingly relevant players in payments and other financial spheres given their digital dominance.

This phenomenon requires not only an adjustment in the regulatory map but also in the strategy of countries and companies since it supposes its answer to the adaptation of the world of the money to the inevitable changes in the technology. And given the importance of money in the economic life of any country, this adaptation is key to the continuation of economic and social progress.

Our Figures







Work areas

  • CBDC, stablecoins and cryptocurrencies

    Money as a means of payment, source of value or unit of account evolves starting from cash and bank money. Central Bank Digital Currencies or CBDCs, stablecoins or native cryptocurrencies are intended to be complementary formulas in a larger picture of money options.

  • Crypto assets and tokenization

    Blockchain technology is leading to new forms of value and transmission of the same. The tokenization of assets and services provides efficiencies in the face of current systems and challenges to be solved.

  • Wholesale and retail payment systems

    The instant, ubiquitous and smart payments through new technologies in a growing number of devices represent a great opportunity to improve fifth generation communications.

  • Market infrastructures Decentralized Finance (DeFi)

    The operators of financial markets, the capital markets themselves have to adapt to new technologies. In particular, blockchains allow the launch of new protocols and crypto assets that allow offering financial services from decentralized platforms using smart contracts.

  • Banking system, electronic money entities and technological platforms

    Replies from the current financial system, new regulated figures, and competition from large technology companies and platform-based models.

  • Changes in regulation, inquiries and country differences

    Environment Comparative regulation, promotion of innovation and sectorial entrepreneurship applied to the financial and banking field. Investment regulations, development of new models, governance of decentralization.

  • Current technology vs DLT, smart contracts, AI and IoT. Casos of use and transition

    Understand current technological models and alternative ones, especially blockchain evolutions, artificial intelligence applications or the internet of things, from the casos of use and transition models.

  • Sectoral, social, economic and political impacts

    The new phase of digitization of money has impacts on the financial sector and general economic activity from the country. Influences society that requires further training. It must be part of an international economic diplomacy.

  • Casos of use and national and global initiatives

    It is key to identify best practices both internally and outside of Spain, in a competition for talent and investment increasingly mobile.


The digital euro and the consultation paper

December 9, 2020

The financial sandbox in Spain

January 27, 2021

European Strategy in Retail Payments and major trends in payments

February 18, 2021

Cryptocurrencies and Decentralized Finance (DeFI)

March 22, 2021

The European Payments Initiative (EPI): Will Europe preserve its sovereignty in the field of payments?

April 22, 2021

Digital Market Act (DMA)

May 27, 2021

Alternative financing and the role of a market infrastructure

June 24, 2021

The issuance of the Digital Euro: from theory to practice

July 8, 2021

CBDCs and tokenized currencies of commercial banks

July 15, 2021

Geopolitics and digital money

September 16, 2021

European digital identity: a key element of the Digital Single Market

September 23, 2021

The future of cash in an increasingly digital world

October 14, 2021

The custody of digital assets

October 25, 2021

The emerging and innovative field of tokenization

December 2, 2021

The European Pilot Regime regulation

December 14, 2021

The DORA regulation: A tool for resilience and competitiveness

January 27, 2022

Financial Markets

Henry Titos

Independent Director. Academic Advisor of Fide

Financial Markets

Miguel Angel Cestero

Managing partner of JB46 Investment Partners


Juan Luis Encinas placeholder image

General Director of Iberpay


Alberto Lopez

Director of Technology and Projects at Iberpay


Maria Parga

Honorary President of Alastria


Julius Faura

Managing Director of Adhara


Montse Guard

Co-founder & CEO at Big Onion. Academic Advisor of Fide


Juan Jimenez

Managing Director of Alastria

Stock Market Infrastructure

Laura Sacristan

Commercial Director of the BME Group. Academic Advisor of Fide

Crypto / Fintech

Alberto Gómez

Blockchain and Open Innovation Specialist


Gloria Hernandez

Partner of finReg360. Academic Advisor of Fide


Diego Garcia Novillo

Lawyer. Grupo BME Legal Advisory

International right

Teresa Rodriguez de las Heras

Full Professor of Commercial Law at UC3M. Academic Advisor of Fide

Our group

Meet the Members of the coordination group by areas


Digital Money and Payment Systems 2022

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

Digital Money | Payments | Digital Assets | Digital Euro | PAYMENTS | MiCA | Tokenization | European Digital Identity | Financial Sandbox | Role of Banks | Wallets | NFTs | Financial Infrastructures | Regulation | CBDCs | Cash | Pilot Regime | Cryptocurrencies | DeFi | Platforms | BigTech | Treasury | European Union

To see the Spanish version of this document please click here

Conclusions of the Working Group on Digital Currencies

Under the joint direction of Enrique Titos, Independent Director. Advisory Counselor. Academic Council Member FIDE, and Miguel Ángel Cestero, former global director of market-making at Banco Santander: The Digital Currency WG published the following conclusions:

See on page of GT Digital Coins


Libra by Facebook
A paradigm shift in the financial field?

  • Henry Titos, Independent Director. Advisory Counselor. Academic Council Member FIDE
  • Miguel Angel Cestero, Former global director of market-making of Banco Santander.

Digital Currencies and CBDC; Evolution, Challenges and Opportunities

  • Julius Faure, Founder and CEO of
  • Maria Rotondo, Independent Director Indra, IC-A. Specialist in telecomunitations.

Regulation and Current Context of Digital Money and Cryptocurrencies

  • Idoya Arteagabeitia, Partner responsible for the Fintech area, Pinsent Masons
  • Antonio Rodriguez de las Heras, Professor and Director of the Institute of Culture and Technology, Carlos III University of Madrid.
Academic coordination: Victory Dal Lago

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