Bank of Spain gives the green light for euro-supported stable coin token pilot program-FinTech

The Bank of Spain has given the approval for the start of a pilot program that includes the output and use of stable coins with euro binding. The program, the MONEI, a fintech institution, starts, will enable users to issue digital euros with FIAT payments in order to experiment and increase their transparency in payment applications.

Bank of Spain approved digital euro token tests

Europe is developing into a hotspot for experiments with stable coins and CBDC (digital central bank currency). On January 19, the Bank of Spain Green light A pilot program that includes the output of digital token bound to the euro. The project, which MONEI, a regulated fintech payment company, will enable users to issue their own euro stable coins for various purposes.

using the Ethereum and Polygon blockchain technology is output by the EURM token with deposits from users, whereby each token is stored with real euros. The test, which is inscribed as part of the actions in the financial sandbox of the Bank of Sain, only allows a maximum of ten euros to be issued by every user registered on the platform.

The test includes the issue of up to 570 million euros, since Spain has subscribed to 57 million telephone lines. These funds are held on two accounts at two financial institutions, BBVA and Caixabank, which are managed by MONEI.

Application cases for the digital euro

MONEI profiled its digital euro stable coin as part of his modernization of payments in the euro zone, increases the payment speed and at the same time lowers the associated operating costs. Alex Saiz Verdaguer, CEO and founder of Money explained:

The future of paying is digital. This is our chance to show the rest of Europe and the world that we are at the top. EURM is the ultimate pan -European solution that enables citizens and companies on the continent to send and receive money immediately.

MONEI strives that this StableCoin project is approved by the regulatory authorities after this test in order to tackle automatic and regular payments that would benefit from programmable Fiat equivalent money. For example, a company could program payments to providers on the basis of the sales made on a certain day or allow employees to automatically program their allowance payments on daily, weekly or monthly basis.

This project is a privately managed initiative and is not in any relationship with the European Central Bank's digital euro initiative, which is currently still in its target = "_ blank" href = "https://news.Bitcoin.com/ecb-to-decide-whether-to-issue-in-2023/" Rel = "noopener"> Investigative phases to decide whether it is issued.

What do you think of the token project approved by the Banco de España with euro binding? Tell us in the comment area below.

Sergio Göschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price increase took place in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. It offers a different perspective on the crypto success and how it helps those who have no bank account and are under-supplied.

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