The Bank of Spain Teams Up with Cecabank, Abanca, and Adhara Blockchain for a CBDC Experiment

Bank of Spain ( BDE ) announced a collaboration with Spanish banks Cecabank , Abanca and the UK-based liquidity management firm. Adhara Blockchain This pilot program for the wholesale CBDC is set to unfold over the next six months, simulating interbank payment processing and settlement.

This will be executed utilizing a singular tokenized wholesale currency. CBDC and facilitating the exchange of various wholesale CBDCs issued by differing central banks.

An additional aspect of this test, backed by the Cecabank-Abanca consortium, involves using the wholesale CBDC for reconciling a simulated tokenized bond. It is important to note that the Spanish CBDC endeavor will function independently from the broader digital euro initiative. Eurozone economies if implemented.

Among 24 submissions received in the preceding year, three firms were chosen for collaboration by the Bank of Spain.

Spain's Journey Through the Digital Asset Landscape

Over the past few years, Spain has seen remarkable transformations in the realm of cryptocurrencies, illustrating a shift in how they are embraced, regulated, and technologically enhanced.

The number of officially registered cryptocurrency companies operating within Spain surged by about 56% in 2023, with international platforms complementing local businesses seeking licenses as virtual asset service providers. registered Furthermore, Spanish regulatory bodies have adopted a more proactive approach to the crypto market. Last October, the Ministry of Economic Affairs and Digital Transformation announced plans to roll out the Markets in Crypto-Assets Regulation (MiCAR) six months earlier than expected.

In the same month, the Bank of Spain shared valuable insights on the features and potential uses of the digital euro. European Union’s However, despite these positive changes, the enthusiasm for the digital euro among the Spanish public remains lukewarm. A recent survey by the BDE indicated that only 20% of participants were willing to integrate the pan-European CBDC into their everyday payment practices, with a significant 65% expressing hesitation about its adoption, which raises concerns regarding the future acceptance of CBDCs within the Spanish financial ecosystem.

The launch of this CBDC pilot underscores Spain's tactical approach to embracing digital assets, positioning it as an innovative contender in the global arena of decentralized finance technologies.

Spanish Ministry of Economic Affairs and Digital Transformation survey Please be aware that the information contained on this page is not intended to serve as legal, tax, investment, financial, or any other advice. It's crucial to only invest what you can afford to lose and to seek independent financial counsel if you have any uncertainties. For additional details, we recommend reviewing the terms and conditions along with the help and support sections provided by the issuer or advertiser. MetaversePost is committed to delivering accurate, impartial reporting, yet market conditions may shift without prior notice.

Alisa, a passionate journalist at MetaversePost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the vast domain of Web3. With a sharp perspective on emerging trends and innovations, she provides in-depth coverage to inform and captivate readers within the dynamic sphere of digital finance.