Bank of Spain’s Newest Experiment- CBDCs!

0
4

The post Bank of Spain’s Newest Experiment- CBDCs! appeared first on Coinpedia Fintech News

The Bank of Spain is launching an experimental study on wholesale central bank digital currencies (CBDCs) to determine their adaptability to the needs of an increasingly digital society. The study will focus on simulating the movement of funds and the liquidation of financial assets, as well as analyzing the pros and cons of launching a wholesale CBDC. Interested parties can submit proposals through the application process, which ends on January 31, 2023, but must meet the eligibility standards set forth by the bank and disclose the economic resources they are willing to contribute to the project. As Brad Jones, the Assistant Governor of the Reserve Bank of Australia, has noted, if CBDCs become the preferred method of holding funds, banks may face liquidity issues.