Bank of Spain Partners with Cecabank, Abanca, and Adhara Blockchain for CBDC Testing
Spain's Central Bank Takes Stride in Wholesale CBDC Pilot
In a significant development, Banco de España, the central bank of Spain, has chosen its collaborators for the central bank digital currency (CBDC) tests. Following a year-long open call for partners, the central bank announced its partnership with Cecabank, Abanca, and Adhara Blockchain on January 3.
The upcoming pilot, scheduled over the next six months, will focus on the wholesale CBDC. The testing will simulate the processing and settlement of interbank payments, utilizing a single tokenized wholesale CBDC. The experiment will also involve the exchange of several wholesale CBDCs issued by different central banks. Additionally, the Cecabank-Abanca consortium will use the wholesale CBDC to settle a simulated tokenized bond.
From the 24 applications received, these three companies were selected as collaborators. While Cecabank and Abanca are Spanish entities, Adhara Blockchain is headquartered in the United Kingdom.
Notably, Spain's CBDC program stands apart as it operates independently of the broader digital euro project, which aims to encompass all economies in the eurozone if implemented. Simultaneously, the Spanish Ministry of Economic Affairs and Digital Transformation has committed to implementing the European Union's Markets in Crypto-Assets Regulation six months ahead of the deadline.
In October, the Bank of Spain provided insights into the nature and applications of the digital euro. However, a survey conducted that same month revealed that 65% of Spaniards expressed disinterest in using the pan-European CBDC as a complement to their regular payment methods.
This move marks a crucial step for Spain in the realm of digital currency innovation, setting the stage for comprehensive testing and potential future developments in the CBDC space.
