Bank of Spain announces partners for the central bank's wholesale digital currency experiences

 

Bank of Spain announces partners

 for the central bank's wholesale digital currency experiences

The Bank of Spain

 announced that a partnership will be formed between Adhara

a payment platform for treasury and transactions

and the alliance between Cecabank and Abanca, two private banks

to participate in the development of multiple experiences of

the central bank's wholesale digital currency (CBDC). These experiments

 will take place outside the framework of the current digital euro process.

Bank of Spain

announces CBDC wholesale experience partners

The Bank of Spain is moving towards testing the Central Bank's wholesale

 digital currency (CBDC) through a partnership with two technology partners.

The Bank

recently announced its cooperation with Adhara

Web3, and the coalition of Cecabank and Abanca banks

with the aim of designing and testing various platforms including

 the Central Bank's wholesale digital currencies.

In a document issued by the bank

Adhara described its role as "simulating inter-bank payments using cryptocurrencies issued by central banks wholesale, as well as various central cryptocurrencies issued by different central banks."

To achieve this goal

Adhara needs to develop digital currency infrastructure

 for central banks (CBDC), including providing portfolios

 for stakeholders and a digital interbank payments platform.

The trials will be carried out within the framework of the Abanca-Cecabank

Union with the aim of testing the integration of mass digital currency in

bulk while settling financial assets and providing practical evidence

 about the potential advantages and disadvantages of introducing

 mass digital currency in bulk compared to traditional currency.

These experiments include issuing, coding and recording simulated bonds 

on the blockchain platform operated by Cecabank.

The Bank has been inviting

 shareholders to submit their proposals for more than a year. 

These experiments have been separated from the ongoing pilot project of

the digital euro, which entered the preparation phase in October

and involves finalizing the digital euro rule book and selecting service 

providers to develop the infrastructure of the European currency.