The Bank of Spain announced on January 3rd that it has selected Cecabank, Abanca, and Adhara Blockchain as its partners for the central bank digital currency (CBDC) trial, and they will test the CBDC over the next six months.
After more than a year of publicly stating its intention to select partners for the CBDC trial, the Bank of Spain finally released a document on January 3rd, revealing that it has chosen Cecabank, Abanca, and Adhara Blockchain out of 24 applicants to collaborate on the CBDC trial.
The trial will take place over the next six months. According to official documents, the focus of the trial is on wholesale CBDC. It will involve the use of a single tokenized wholesale CBDC and the exchange of multiple wholesale CBDCs issued by different central banks to simulate interbank transactions and settlement processes.
In collaboration with Spanish banks Cecabank and Abanca, the wholesale CBDC will also be used for the settlement of tokenized bonds in a simulated state.
It is worth noting that the CBDC project in Spain is unique and independent of the digital euro project in European Union countries. Once the CBDC project in Spain is implemented, its final product will cover all economies in the eurozone.
The reason for this seems to be that Spaniards themselves are not very interested in using the digital euro. A previous survey showed that 65% of respondents believed that they would not adopt the digital euro as a supplementary payment option.
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