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Spain’s Banco de España Partners with Cecabank, Abanca, and Adhara Blockchain for CBDC Testing

Spain’s central bank, Banco de España, has recently announced its selection of collaborators for its central bank digital currency (CBDC) experiments, following an open call for partners issued a year ago.

On January 3rd, Banco de España revealed its partnership with three key players: Cecabank, Abanca, and Adhara Blockchain.

Over the next six months, these partners will engage in a pilot program to test the wholesale CBDC, which will include simulating the processing and settlement of interbank payments using a tokenized wholesale CBDC.

Additionally, they will explore exchanging various wholesale CBDCs issued by different central banks.

Part of this experimental journey will involve utilizing the wholesale CBDC to settle a simulated tokenized bond, a significant step in the development and application of CBDC technology.

From the 24 applications received by Banco de España over the past year, these three companies were selected as collaborators.

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Notably, while Cecabank and Abanca are Spanish entities, Adhara Blockchain is headquartered in the United Kingdom, showcasing the international interest in CBDC development.

It’s worth highlighting that Spain’s CBDC program is distinct in that it operates independently from the digital euro project, which would encompass all eurozone economies if implemented.

Meanwhile, 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, underlining the nation’s proactive stance in regulating the crypto sector.

In a move to educate the public about the digital euro, the Bank of Spain had previously published materials explaining its nature and potential applications.

Despite these efforts, a survey conducted in October revealed that the majority of Spaniards, approximately 65% of respondents, showed little interest in using the digital euro alongside their regular payment methods.

This indicates that while the central bank is advancing in CBDC experimentation, widespread adoption may still face some hurdles in the Spanish market.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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