Bank of Spain announces collaborators for CBDC pilot program

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The Financial institution of Spain has chosen Cecabank, Abanca, and Adhara Blockchain as collaborators for a six-month pilot exploring CBDCs, separate from the digital euro initiative.

Spain’s central financial institution, Banco de España, has made strides in exploring central financial institution digital currencies (CBDC), revealing key collaborators a 12 months after issuing an open partnership name. The chosen companions embody Cecabank, Abanca, and Adhara Blockchain, chosen from a pool of 24 candidates.

Adhara Blockchain, headquartered in the UK, provides a world dimension to this Spanish initiative.

The pilot section of the wholesale CBDC project, set to unfold over the subsequent six months, includes interbank cost processing and settlement simulations. The main focus lies on utilizing a single tokenized wholesale CBDC and exchanging wholesale CBDCs from varied central banks. Moreover, the experiment will make use of the Cecabank-Abanca consortium to settle a simulated tokenized bond utilizing the wholesale CBDC.

The Spanish CBDC program stays distinct from the broader digital euro initiative, emphasizing its independence. Concurrently, the Spanish Ministry of Financial Affairs and Digital Transformation has committed to implementing the European Union’s Markets in Crypto-Belongings Regulation forward of schedule.

Regardless of these developments, a survey in October revealed that 65% of Spaniards expressed disinterest in adopting the digital euro as a complement to their current cost strategies.

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