The Bank of Spain Partners with Cecabank, Abanca, and Adhara Blockchain for CBDC Pilot
The Bank of Spain has selected Cecabank, Abanca, and Adhara Blockchain as collaborators for a six-month pilot exploring central bank digital currencies (CBDCs). These partners were chosen from a pool of 24 applicants. The inclusion of Adhara Blockchain, a UK-based company, adds an international dimension to the Spanish initiative.
Pilot Phase: Wholesale CBDC Project
The pilot phase of the wholesale CBDC project will focus on interbank payment processing and settlement simulations. The main objective is to utilize a single tokenized wholesale CBDC and facilitate the exchange of wholesale CBDCs from different central banks. As part of the experiment, the Cecabank-Abanca consortium will settle a simulated tokenized bond using the wholesale CBDC.
Distinct from Digital Euro Initiative
It is important to note that the Spanish CBDC program is separate from the digital euro initiative and emphasizes its independence. In addition to this development, the Spanish Ministry of Economic Affairs and Digital Transformation has committed to implementing the European Union’s Markets in Crypto-Assets Regulation ahead of schedule.
Disinterest in Digital Euro Adoption
Despite these advancements, a recent survey revealed that 65% of Spaniards expressed disinterest in adopting the digital euro as a complement to their existing payment methods.
Hot Take: Bank of Spain Collaborates with Cecabank, Abanca, and Adhara Blockchain for CBDC Pilot
The Bank of Spain has announced its collaboration with Cecabank, Abanca, and Adhara Blockchain for a pilot project exploring central bank digital currencies (CBDCs). This move demonstrates Spain’s commitment to exploring the potential of CBDCs and their role in the future of finance. The pilot phase will focus on interbank payment processing and settlement simulations, utilizing a tokenized wholesale CBDC. This initiative is distinct from the digital euro project, highlighting Spain’s independent approach to CBDC development. However, despite these efforts, it seems that the majority of Spaniards are not yet convinced of the benefits of adopting a digital euro alongside traditional payment methods.
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