The Spanish bank partners with Cecabank, Abanca and Adhara Blockchain for CBDC trials.
Posted: January 5, 2024 8:46 AM Updated: January 5, 2024 8:46 AM
Correction and fact check date: January 5, 2024, 8:46 AM
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Bank of Spain partners with Cecabank, Abanca and Adhara Blockchain for CBDC pilot.
The Bank of Spain (BDE) announced that it is collaborating with Spanish banks Cecabank, Abanca and UK-based liquidity management company Adhara Blockchain to test a central bank digital currency (CBDC). The wholesale CBDC pilot project is scheduled to run over the next six months and will include interbank payment processing and payment simulations.
This is achieved by using a single tokenized wholesale CBDC and swapping multiple wholesale CBDCs issued by multiple central banks.
Another component of the test, conducted with the support of the Cecabank-Abanca consortium, is the utilization of wholesale CBDC for simulated tokenized bond reconciliation. The Spanish CBDC project will operate autonomously from the Digital Euro initiative, which, if implemented, will apply to all eurozone economies.
Of the 24 applications received by the Bank of Spain last year, three companies were selected for cooperation.
Spain explores digital asset evolution
In recent years, Spain has seen notable changes in the cryptocurrency landscape, demonstrating evolution in adoption patterns, regulatory approaches, and technological advancements.
The number of cryptocurrency companies officially registered to operate in Spain increased by approximately 56% in 2023, with international platforms complementing domestic companies to obtain licenses as virtual asset service providers to operate in the country.
Moreover, Spanish regulators have recently taken an active stance on the cryptocurrency market. Last October, Spain’s Ministry of Economy and Digital Innovation announced its intention to implement the European Union’s Markets in Cryptocurrency Assets Regulation (MiCAR) six months ahead of the deadline.
In the same month, the Bank of Spain provided detailed insights into the nature and potential applications of the digital euro.
However, despite these notable developments, the Spanish population has not shown significant enthusiasm for a digital euro. A recent BDE survey found that only a fifth of respondents said they were prepared to integrate a pan-European CBDC into their everyday payment methods, while a majority of 65% were reluctant to use it. Spanish financial landscape.
The launch of the CBDC pilot highlights the country’s strategic approach to digital asset adoption, positioning it as a forward-looking player in the global landscape of decentralized financial technologies.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles