For this discussion, it is important to clarify that a payment can be considered to be in central bank money if – and only if – the beneficiary has a claim on the asset of the central bank – either directly or by means of an explicit commitment of the central bank. Anything else remains commercial bank money regardless of the technology used.
The Spanish government has taken a decision to introduce stricter lockdown measures in the hope that this will in fact help to shorten the pandemic’s life cycle and break the chain of infection. Ultimately, although this will come at a certain cost, hopefully it will be outweighed by the benefits. This public health crisis will lead to a very severe recession.