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Home»BLOCKCHAIN NEWS»Spanish Banks Choose Adhara, Cecabank and Abanca to Test CBDC
BLOCKCHAIN NEWS

Spanish Banks Choose Adhara, Cecabank and Abanca to Test CBDC

By Crypto FlexsJanuary 6, 20242 Mins Read
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Spanish Banks Choose Adhara, Cecabank and Abanca to Test CBDC
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Spain’s Banco de España announced a partnership with Cecabank, Abanca and Adhara Blockchain to conduct a pilot program to explore the use of wholesale central bank digital currencies (CBDCs). Announced on January 3, 2024, this initiative is an important step in understanding the potential of digital currencies in interbank operations.

The pilot program simulates interbank payment processing and settlement using tokenized wholesale CBDC. It also involves exchanging multiple wholesale CBDCs issued by multiple central banks. Adhara Blockchain, headquartered in the UK, is one of three companies selected from 24 applications received by Banco de España over the past year for this project​​.

Our collaboration with Adhara Blockchain will focus on experimenting with both tokenized CBDCs and multiple wholesale CBDCs for interbank payments. This involves setting up two platforms: a wholesale CBDC infrastructure that provides digital wallets for businesses and a digital reconciliation platform for interbank payments. Key tasks will include wholesale CBDC issuance, access and operational rights management, transaction monitoring, and real-time tracking of interbank payments.

At the same time, the agreement with the Cecabank-Abanca consortium will focus on financial operations and asset custody. This part of the experiment explores the issuance, tokenization, and registration of a mock tokenized bond on a blockchain platform managed by Cecabank. It also aims to simulate Banco de España’s wholesale CBDC issuance and its distribution to businesses for use as a payment asset. Experiments include studies of asset management through digital wallets, placement and subscription of tokenized bond shares, and cumulative coupon registration and payments of wholesale CBDC to bond holders. It will also explore creating secondary markets for tokenized bond shares and cross-border operations to issue wholesale CBDC in foreign currencies. Another aspect of the experiment could include repo operations using tokenized bonds as collateral. liquidity Provided to owners in the form of wholesale CBDC.​​​​​.

Importantly, these contracts do not include monetary compensation. Each participating entity bears the cost of the actions it decides to take.​​

In summary, Banco de España’s collaboration with Cecabank, Abanca and Adhara Blockchain for the wholesale CBDC pilot marks a pivotal move for Spain to explore the role of digital currencies in interbank operations. Experimenting with different aspects of digital currency management, with a focus on processing and settling interbank payments using tokenized wholesale CBDCs, this pilot highlights the growing interest and potential of CBDCs in the modern financial landscape.

Image source: Shutterstock

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