Spanish Banks exploring how digital euro will operate

A group of approximately 30 Spanish banks has reportedly begun to test a proof of concept (POC) for a digital euro, as proposed by the European Central Bank (ECB).

The POC aims to test aims to examine the implications of a digital euro technically, operationally, and from a business point of view. It will also examine how a European CBDC would co-exist with the current payment infrastructure.

The roadmap for the project estimates that the POC will be ready before the end of this year, and will test the various use cases as proposed by the ECB. The results of the POC tests are due to be published in 2023.

Last month, the ECB said that we should not expect to see a digital euro until at least 2026.

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According to the Atlantic Council, 105 countries (representing approximately 95% of global GDP) are currently exploring CBDCs.