The Bank of Spain Invites Inputs for a New CBDC Project

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Spain’s Central Bank known as the Bank of Spain (Banco de Espana), has plans to launch a research project into central bank digital currency (CBDC).

According to the announcement, SCB is searching for partnerships and support from financial institutions and technology firms to assist in examining wholesale CBDC. In view of this, the bank will accept applications on the initiatives up until January 31, 2023. 

Wholesale CBDC is quite different from retail CBDC as it is designed exclusively for financial intermediaries that hold reserves at central banks. Similarly, it will allow the conditionality of payments, that is payment would be made while relying on another payment to come through or on delivery of an asset.

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The bank also intends to use the program to address the use of CBDC in wholesale transactions. With the program, SCB will look into several options ranging from liquidating financial assets, incorporating the movement of funds, and assessing the merits and demerits of accepting the wholesale CBDC.

Countries Begin Testing on their CBDCs

As there is a raging craze for crypto recognition, legalization, and CBDC introduction, the Reserve Bank of India (RBI) began its first phase of the Wholesale CBDC pilot program last month.

With this RBI became one of the very few central banks that successfully got to the pilot testing phase with regard to the CBDC project. Following this, RBI also decided to test CBDC in retail form this month with the help of all commercial banks in the country.

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Equally, the Bank of Thailand according to a report by TheCoinRise announced the commencement of retail CBDC testing by the end of this year. Interestingly, the trial is part of the bank’s effort to make itself fit for the future of money.

Meanwhile, a recent report dubbed “The State of CBDCs in 2022” by Blockdata firm has unveiled a number of reasons why several private stakeholders kick against CBDCs.

These stakeholders worry about anonymity, interoperability, scalability, technological structure, and balance between the regulatory policies and the CBDC design.

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