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.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
High power prices drive some patients in Spain into povertyJose Maria Casais's 2,700 euros-a-month income from a pension and incapacity benefits ought to leave him better off than most of his fellow Spaniards. But Casais, a retired engineer living in Barcelona, says he is being forced to raid his savings every month after his energy bills soared because of his reliance on an oxygen machine to alleviate his chronic obstructive pulmonary disease (COPD). For the past two years, Casais has been plugged into the oxygen concentrator for up to 24 hours-a-day. His electricity bill has almost tripled since Russia invaded Ukraine in February, he says, triggering an energy crisis in Europe because of its dependence on Russian gas.
Read more »
Europe can learn from Biden’s Inflation Reduction Act, Spain's PM saysThe sweeping U.S. legislation was approved by U.S. lawmakers in August and includes a record $369 billion in spending on climate and energy policies.
Read more »
DAVOS 2023: Spain says 'very close to deal' with Britain on GibraltarSpain's foreign minister said on Tuesday that Madrid and London were closing in on a deal to find a definitive solution settling the post-Brexit status of Gibraltar.
Read more »
Madonna unveils 2023 North America and European tour datesNEW YORK (AP) — Madonna will “Take a Bow” with a new tour through North America and...
Read more »