The Bank of Spain has invited interested parties to participate in wholesale central bank digital currency (CBDC) experiments, with applications closing at the end of January 2023 and the trials due to run from April through to the end of 2023. The central bank’s tests are independent of digital euro initiatives that are part of the Eurosystem.
It is keen to assess the degree to which a tokenized wholesale CBDC can improve the “efficiency, agility and security” of financial market infrastructures. More specifically, it wants to quantify the benefits.
The trials will cover three areas. Firstly it wants to simulate the operation of a wholesale CBDC, enabling interbank payments. Secondly, it wants to explore the use of a wholesale CBDC for securities settlement with delivery versus payment (DvP) transactions.
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