The test for a new Euro-backed token will soon be underway in Spain as the future of digital payments accelerates forward.
at establishing a controlled testing environment for financial innovations projects in Spain under the supervision of central bank authorities.
As part of EURM’s testing phase, eligible Spanish residents with a phone number will reportedly be able to send the equivalent of 10 euro using the digital asset. The digital tokens will reportedly be backed 1:1 with physical euro held at Banco Bilbao Vizcaya Argentaria and Caixabank. "The future of payments is digital,” said Monei CEO and founder Álex Saiz Verdaguer. “This is our opportunity to show the rest of Europe and the world that we are at the forefront.”of its own “exclusive” wholesale central bank digital currency, or CBDC, program in December 2022.
“[The Bank of Spain] may sit down with the ECB and say that we have the product, that it is regulated and supervised and that it is shaped from there.”
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