¿Es la Eurozona un área óptima para suprimir el efectivo? Un análisis sobre la inclusión financiera y el uso de efectivo


  • Juan-Francisco Albert,y Nerea Gómez-Fernández


In recent years blockchain technology is revolutionizing the current international payment system. This paper argues that the gradual substitution of cash in the Eurozone for a cryptocurrency based on blockchain technology, could lead to great microeconomic and macroeconomic advantages. However, to carry out a political decision of this magnitude, it is necessary to ensure that all agents will have the necessary means to carry out their transactions. Therefore, this paper analyzes the financial inclusion and use of cash in the Eurozone - using microdata from the Global Findex survey of the World Bank - in order to discern whether a proposal to substitute cash for virtual money would be timely or advisable. The descriptive and econometric results show a lower financial inclusion and a greater use of cash in the Eurozone than in monetary areas of similar level of development, although there is great heterogeneity among countries. Likewise, it is observed that the probability of using cash is greater for individuals with lower income and education levels. Based on the results, it is concluded that the possible proposals that advocate the total elimination of cash in the Eurozone should be carried out gradually and with strong public support to the sectors of the population with lower levels of income and education.