Strategic Alliances For Bank Of Spain’s Wholesale CBDC Development
The Bank of Spain has revealed its partners for the upcoming trials of wholesale central bank digital currency (CBDC).
In collaboration with Adhara, a Web3 company, and a consortium consisting of Cecabank and Abanca, the bank aims to explore and test various platforms related to wholesale CBDC, distinct from the ongoing digital euro initiative. Adhara’s role involves simulating interbank payments with both tokenized wholesale CBDC and multiple CBDCs issued by different central banks.
The Abanca-Cecabank consortium will focus on testing the integration of wholesale CBDC with financial asset settlements, providing practical insights into the potential advantages and disadvantages compared to traditional processes. These trials, initiated over a year ago, are separate from the digital euro pilot project, which is currently in the preparation phase, involving the finalization of the digital euro rulebook and the selection of infrastructure providers for the European currency.
Clever Robot News Desk 10th January 2024
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