Bank of Spain Selects Partners For CBDC Testing
Spain’s central bank, Banco de España, has announced a partnership with Cecabank, Abanca, and Adhara Blockchain for a pilot of a wholesale digital currency (CBDC) in the next six months.
The pilot will simulate the processing and settlement of interbank payments with a single tokenized wholesale CBDC and by exchanging several wholesale CBDCs issued by different central banks.
The Cecabank-Abanca consortium will also use the wholesale CBDC to settle a simulated tokenized bond.
The program is unique in that it is independent of the digital euro project, which would cover all economies in the eurozone if implemented.
The Spanish Ministry of Economic Affairs and Digital Transformation announced it would implement the European Union’s Markets in Crypto-Assets Regulation six months before the deadline.
However, 65% of respondents in a recent survey did not express significant interest in using the digital euro to complement their regular payment methods.
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