Bank of Spain to launch stablecoins…

The Bank of Spain is launching a new programme that will peg stablecoins to the euro.

A fintech institution Monei is involved in the launch that will allow users to issue digital euros with fiat deposits, and then make payment transfers.

The euro token will be issued from deposits coming from users and will use the Ethereum and Polygon technology.

Monei aims for this pilot scheme to persuade regulatory powers to approve further development in the field and allow the floodgates to open.

The benefits of moving to stablecoins and digital in general include streamlining payments, automating payment transfers in a simple way and reducing costs across the board.

This programme is not connected with the investigative plan to launch a digital euro by the European Central Bank.

CleverRobot newsdesk 24th January 2023