Bank of Spain Creating List of CBDC Testing Participants

During the month of June 2021, the Spanish Socialist Workers’ Party proposed a plan to parliament advocating for a progressive shift to digitalization in the state’s payment infrastructure.

A crucial aspect of this new financial system involves the creation of a digital variant of fiat currency, managed and issued by the Central Bank, also known as a Central Bank Digital Currency (CBDC).

Similarly, the Spanish regulatory body believes that a digital euro should be established for the entire eurozone, which could be utilized in any European Union country.

To put these plans into action, the Bank of Spain is currently selecting participants for CBDC testing. These include Cecabank, Abanca, and Adhara Blockchain. Over the next six months, the Central Bank aims to initiate trial runs of the token in wholesale transactions.

Commercial banks, both in Spain and other nations, will have the ability to implement CBDC for various payments.

In October, the findings of a public opinion poll conducted among Spanish citizens were released, indicating that 65% of respondents were content with existing payment options and would not actively use the digital euro.