Yesterday the Spanish payment infrastructure company Iberpay published the findings of its central bank digital currency (CBDC) tests, which were conducted in collaboration with 16 banks in Spain, including Santander, Caixabank, BBVA and ING, with the Bank of Spain acting as an observer.
Iberpay’s proof of concept, named Smart Money, tested the different technical features of digital money as outlined in a European Central Bank (ECB) report.
This means that should the ECB decide to issue a digital euro, the Spanish financial sector will have already tested the suitability of certain features. These include token-based and account-based models, the viability of offline payments, and potential limits on holdings and use of digital euros.
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