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After issuing an open call for partners to test the central bank digital currency (CBDC) a year ago, the Bank of Spain has selected its collaborators. Accordingly, the Bank of Spain announced a decision on January 3rd, partnering with Cecabank, Abanca, and Adhara Blockchain.
A Noteworthy Step in Spain
The pilot for the CBDC tests will take place over the next six months and will simulate the processing and payment of interbank payments through both a single tokenized CBDC asset and several CBDC assets issued by different central banks.
In the process under consideration, another part of the experiment conducted with the help of the Cecabank-Abanca consortium will use the CBDC for the settlement of a simulated tokenized bond. The Bank of Spain selected three companies from 24 applications received last year. The partners are two banks, Cecabank and Abanca, while Adhara Blockchain is based in the United Kingdom.
The ongoing CBDC program in Spain is being described as somewhat unique as it has been announced to be independent of the crypto euro project, which would encompass all economies in the Eurozone if implemented.
CBDC and Central Banks
Along with these developments, Spain’s Ministry of Economic Affairs and Digital Transformation announced that it would implement the European Union’s Crypto Asset Markets regulation six months ahead of the deadline. In October, the Bank of Spain published a document explaining the nature and use cases of the digital euro.
Spanish citizens have not shown significant interest in using the digital euro. According to a survey conducted in October, only 20% of citizens confirmed they would use the pan-European CBDC to complement their regular payment methods, while 65% stated they would not use it.
With all these developments, CBDC programs continue to be a topic of discussion in many countries. Particularly in Russia, 16 banks are continuing to explore digital ruble tests, and plans related to these steps suggest that a digital ruble could be introduced to the market in the coming period. Central banks continue to consider CBDC programs, especially to take steps towards stablecoin projects.
