Bank of Spain Embarks on Pioneering CBDC Pilot Project

Banco de España, Spain's central bank, has selected key collaborators for its central bank digital currency (CBDC) testing. The bank announced its partnership with Cecabank, Abanca, and Adhara Blockchain, marking a significant step in exploring CBDC applications. This pilot, set to unfold over the next six months, will simulate interbank payments using a tokenized wholesale CBDC and involve exchanging multiple wholesale CBDCs issued by different central banks. The pilot also includes testing the CBDC in settling a simulated tokenized bond with the Cecabank-Abanca consortium's help.

Three companies were chosen from 24 applicants, highlighting the project's competitive nature. While Cecabank and Abanca are based in Spain, Adhara Blockchain operates from the United Kingdom. This initiative is distinct from the broader digital euro project, as it focuses on the specific needs and context of the Spanish economy. The Spanish Ministry of Economic Affairs and Digital Transformation is also advancing the implementation of the EU's Markets in Crypto-Assets Regulation​​​​​​​​​​.

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