The Bank of Spain Partners with Adhara and Private Banks for Wholesale CBDC Trials
The Bank of Spain has announced its collaboration with Adhara, a treasury and transactions payment platform, and a consortium formed by Cecabank and Abanca, two private banks, for the development of wholesale central bank digital currency (CBDC) trials. These trials will be conducted separately from the ongoing digital euro process.
Adhara’s Role in the CBDC Trials
The Bank of Spain has assigned Adhara the task of simulating interbank payments using tokenized wholesale CBDCs issued by different central banks. In order to achieve this, Adhara will need to develop various CBDC infrastructures, including wallets for the entities involved and a digital interbank payments platform.
The Abanca-Cecabank Consortium’s Focus on CBDC Integration with Financial Asset Settlement
The consortium formed by Abanca and Cecabank will concentrate their trials on testing the integration of a wholesale CBDC with the settlement of financial assets. They aim to provide practical evidence on the advantages and disadvantages of introducing a wholesale CBDC compared to traditional processes and infrastructures. The trials will involve the issuance, tokenization, and registration of a simulated bond on a blockchain platform managed by Cecabank.
Separation from the Digital Euro Pilot Project
It is important to note that these wholesale CBDC trials are separate from the ongoing pilot project of the digital euro. The digital euro pilot project entered the preparation phase in October, which includes finalizing the digital euro rulebook and selecting providers to develop the necessary infrastructure for the European currency.
Hot Take: Bank of Spain Teams Up with Adhara and Private Banks for Wholesale CBDC Trials
The Bank of Spain has made significant progress in its exploration of central bank digital currencies (CBDCs) by partnering with Adhara, Cecabank, and Abanca for wholesale CBDC trials. These trials will provide valuable insights into the implementation of CBDCs in interbank payments and financial asset settlement, offering practical evidence of their advantages and disadvantages compared to traditional processes. By conducting these trials separately from the digital euro pilot project, the Bank of Spain can focus on different aspects of CBDC development and ensure a comprehensive evaluation of their potential. This collaboration reflects the commitment of the Bank of Spain to staying at the forefront of digital currency innovation.
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