As part of a wholesale central bank digital currency (MNBC) project, the Bank of Spain launched a tender earlier this week to carry out its work.
Spain is interested in MNBCs
The Bank of Spain launched a call for tenders at the beginning of the week, within the framework of a central bank digital currency (MNBC) project :
Buscamos propuestas de colaboracion de organizations interésadas en nuestro programa de experimentación con digital tokens par conocer las posibilidades reales de las digital monedas de la banco central de character mayorista. Consult the aquí bases 👉 https://t.co/mzqJxh89w2 pic.twitter.com/3jU82s3TTI
— Banco de España (@BancoDeEspana) December 5, 2022
It is more precisely a wholesale MNBC, which must thus be used for settlements between financial institutionsunlike retail money which is used in small daily transactions.
It is in a context of the rise of blockchain technologies and the tokenization of finance that Spain wants to get an idea of what these innovations can bring to the functioning of its operations:
“In this space, the fundamental objective of central banks is to determine the effective ability of these digital assets to increase the efficiency, agility and security with which financial market infrastructures operate. In addition, their study can help quantify the extent to which they can contribute to adapting these channels to the needs and demands of an increasingly digital society. »
Interestingly, the Bank of Spain clarified that this initiative was independent of the current work of the European Central Bank (ECB) for the digital euro.
👉 To go further – Find our guide to central bank digital currencies (MNBC)
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A call for expression of interest
These experiments will revolve around several axes, such as the study of the benefits brought by a wholesale MNBC to make financial assets more liquid, or the simulation of operations with such a system. These models will then be confronted with traditional models, in order to judge their advantages and disadvantages.
To carry out its business, the Bank of Spain calls on interested parties to come forward on its website. These therefore have until next January 31 at 6 p.m. local time, to express their interest and submit their detailed project. After that, a collaboration agreement will be signed with the parties selected for the continuity of the work.
Furthermore, the Banco de España specifies that it reserves the right to only partially select projects, or even to mix different proposals together in order to extract what it deems most suitable for its needs.
All this shows once again that the authorities of the whole world are interested the benefits of blockchains. And if MNBCs, whether wholesale or retail, are not yet the norm, many countries are studying their potentialfor possible use.
👉 Read also – The European Union makes progress with its first tokenization of MNBC
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Source: Press release
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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