certify
Home arrow Article arrow Article Detail

Bank of Spain Greenlights Euro-Backed Stablecoin Token Pilot Program

Profile Image

Joyashree Dey Follow

INDIA

Jan, 31 2023

Jan, 31 2023

likes | comments 0

Article Image

Stablecoin and CBDC (central bank digital currency) research is gaining traction in Europe. The issuance of digital tokens pegged to the euro was approved as part of a pilot initiative by the Bank of Spain on January 19. The initiative will let individuals produce their own euro stablecoins for a variety of uses. It is being led by MONEI, a regulated fintech payments company.


The eurm token will be issued with user deposits using Ethereum and Polygon blockchain technology, with each token being backed by actual euros. The test, which is included in the activities in the bank of Sain's financial sandbox, restricts the amount of money that each user registered on the MONEI platform may issue to a limit of ten euros.


The test includes the issuing of up to 570 million euros because there are 57 million subscriber phone lines in Spain. These funds will be kept in two accounts at two banks that MONEI manages: BBVA and Caixabank. In order to modernise the way payments are made in the Eurozone, MONEI is showcasing its digital euro stablecoin. This will speed up payments while lowering associated operating costs. According to the CEO and founder of MONEI, Alex Saiz Verdaguer:The future of payments is digital. This is our chance to show the rest of Europe and the world that we are at the forefront. Eurm is the ultimate pan-European solution that will allow citizens and businesses on the continent to send and receive money instantly.


In order to address automatic and recurring payments that would benefit from programmable fiat equivalent money, MONEI hopes that this stablecoin project will be accepted by regulators following this test. A business might, for instance, schedule payments to suppliers according on the sales made on any given day, or it might permit employees to programme automatic daily, weekly, or monthly payments for their allowance.


This project is being led by the private sector and has nothing to do with the E.C.B.'s proposed digital euro, which is still being investigated to see if it will be implemented. 


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Robinhood Delists Cardano, Polygon and Solana Following SEC Labeling Them As Securities

Following this week's accusations filed by the US Securities and Exchange Commission against two significant cryptocurrency exchanges, the brokerage business Robinhood has chosen to delist few firms;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.