The Bank of Spain has teamed up with Cecabank, Abanca, and Adhara Blockchain for its central bank digital currency (CBDC) tests.
This collaboration follows a year-long search for partners, with a six-month pilot program set to simulate interbank payments using tokenized CBDCs from multiple central banks.
The initiative, involving a simulated tokenized bond settlement, selected these partners from 24 applicants, with Adhara Blockchain based in the United Kingdom and Cecabank and Abanca in Spain.
Spain’s CBDC initiative stands apart, asserting independence from the broader digital euro project targeting Eurozone economies. Additionally, Spain’s Ministry of Economic Affairs plans to implement the EU’s Crypto Asset Markets regulation ahead of schedule.
Despite this progress, a recent survey indicates limited interest among Spaniards in adopting the digital euro, with only 20% open to using it alongside regular payment methods.
Globally, discussions on CBDCs persist, with Russia set to roll out the first CBDC pilot involving 13 banks and real customers. Central banks worldwide are exploring CBDCs as pivotal steps in the realm of stablecoin projects.
Spain’s CBDC collaboration shows initiative, but public skepticism and global CBDC explorations underline the challenges in the evolving digital currency landscape.
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