Bank of Spain announces partners for CBDC pilot program
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The Bank of Spain has selected Cecabank, Abanca and Adhara Blockchain as partners for a six-month CBDC pilot, separate from the digital euro initiative.
The Bank of Spain has made great strides in exploring a central bank digital currency (CBDC), unveiling key partners a year after issuing a public call for partners. Selected partners include Cecabank, Abanca and Adhara Blockchain, selected from 24 applicants.
UK-based Adhara Blockchain adds an international flavor to the Spanish initiative.
pilot stage Wholesale CBDC ProjectsIt is expected to be rolled out over the next six months and involves interbank payment processing and settlement simulations. The focus is on using a single tokenized wholesale CBDC and exchanging wholesale CBDC from various central banks. Additionally, the experiment will engage the Cecabank-Abanca consortium to settle simulated tokenized bonds using wholesale CBDC.
Spain’s CBDC plan remains separate from wider digital euro plans, emphasizing its independence. At the same time, Spain’s Ministry of Economic Affairs and Digital Transformation has pledged to implement EU cryptoasset market regulation ahead of schedule.
Despite this progress, a survey in October showed 65% of Spanish expressed no interest in adopting a digital euro as a complement to its existing payment methods.
