Banco de España, the central bank of Spain, has selected its collaborators for central bank digital currency (CBDC) testing one year after issuing an open invitation to partners.
The central bank issued a resolution on January 3rd, which declared its collaboration with Adhara Blockchain, Cecabank, and Abanca.
Simulation of interbank payment processing and settlement using a solitary tokenized wholesale CBDC and the exchange of multiple wholesale CBDCs issued by various central banks will comprise the wholesale CBDC pilot program over the following six months.
An additional component of the Cecabank-Abanca consortium-supported experiment involves the settlement of a simulated tokenized bond using the wholesale CBDC.
The central bank selected three organizations from twenty-four that submitted applications during the previous year. Adhara Blockchain is based in the United Kingdom, whereas Cecabank and Abanca are Spanish entities.
The CBDC program in Spain is distinctive in that it openly declared its independence from the digital euro initiative, which, if executed, would encompass all eurozone economies.
In the interim, the Spanish Ministry of Economic Affairs and Digital Transformation intended to enforce the Markets in Crypto-Assets Regulation of the European Union six months before the designated deadline.
The Bank of Spain published an article in October describing the characteristics and applications of the digital euro.
The Spanish people have not demonstrated a substantial inclination towards adopting the digital euro. An October survey revealed that 65 percent of respondents would not supplement their standard payment methods with the pan-European CBDC.
