The Bank of Spain has announced a partnership with Cecabank, Abanca, and Adhara Blockchain to pilot a central bank digital currency (CBDC). This initiative propels Spain to the forefront of digital currency exploration, independent of the broader digital euro project.
The upcoming six-month trial will simulate interbank payments using a tokenized wholesale CBDC, a groundbreaking step in testing the viability of digital currencies within the banking sector. Additionally, the pilot will explore the use of CBDCs in settling tokenized bonds, showcasing the potential for enhanced efficiency in financial transactions.
Selected from a pool of 24 contenders, the trio of Cecabank and Abanca from Spain, along with UK-based Adhara Blockchain, will bring their expertise to the table in this innovative endeavor.
The Spanish government isn’t just stopping there. It’s also ahead of the curve in adopting the EU’s Markets in Crypto-Assets Regulation, reinforcing its commitment to digital transformation in the economic landscape.
Despite the technological leap forward, Spaniards seem cautious, with a recent survey revealing that 65% would not use a digital euro to supplement existing payment methods. Nevertheless, the Bank of Spain remains dedicated to exploring the potential benefits of a digital currency, as outlined in their recent educational text on the digital euro.
