According to Cointelegraph, on August 25, Margarita Delgado, deputy governor of the Bank of Spain, introduced the digital euro to university students and others in Pamplona. She said that the digital euro could help the EU overcome challenges such as cross-border payment barriers, the cost of companies using private payment service providers (PSPs), and the general lack of PSPs in Europe. She said: "We believe that there is enough room for the digital euro to coexist with private payment solutions. In fact, we expect the digital euro to prompt the private sector to develop new pan-European payment and financial services, making it easier to compete with non-European solutions." The digital euro will not be covered by ordinary deposit insurance until a common supervisory and resolution agency is established under the European Deposit Insurance Scheme. Delgado added that financial security must be considered before launching the digital euro.