Spain's Central Bank Hearing Proposals for Wholesale CBDC Project

Spain's Central Bank, the Banco de España, is taking a significant step into the future of finance by hearing proposals for a wholesale Central Bank Digital Currency (CBDC) project. In an official statement, the central bank of Spain is seeking to start a Wholesale Central Bank Digital Currency (CBDC) project and opened a call for proposals on Monday, inviting financial institutions and tech providers to submit their ideas.

The Bank of Spain plans to start a wholesale central bank digital currency (CBDC) project, and on Monday, it asked financial institutions and tech providers to submit innovative concepts. This experimental program aims to expand its knowledge of the possibilities of the so-called wholesale CBDC, in line with other central banks’ experience. Spain’s Central Bank, the bank of Spain (Banco de España), announces its plans to inaugurate an experimental program to commence examining wholesale Central Bank digital currencies.

Several key players are already involved. Cecabank, Abanca and Adhara Blockchain will experiment with central bank digital currency (CBDC), testing different use cases within the pilot of the wholesale CBDC. The project roadmap suggests that the bank aims to simulate a CBDC, integrate it with the liquidation of assets, and analyze the digital asset’s advantages. This initiative signifies a crucial exploration into the potential benefits and challenges of implementing a wholesale CBDC within the Spanish financial system.