According to the news published by Cinco Días, one of the country’s local press organizations, the central bank gave the green light to the CBDC pilot test, which is expected to last 6-12 months. The euro-backed token trial will take place under the supervision of the Bank of Spain.
Monei named the digital currency it will test EURM. The EURM will be supported on a one-to-one basis in euro, with the reserve held by the country banks Caxiabank and Banco Bilbao Vizcaya Argentaria. Monei CEO Álex Saiz Verdaguer confirmed the news and made the following statement:
“The future of payment systems will be in the digital realm. This test is an opportunity to show Europe and the rest of the world how far we have come in this regard.”
The Bank of Spain announced last month that it has launched its CBDC program. Verdaguer emphasized that the European Central Bank did not contribute to the stablecoin test.
The ECB, the European Central Bank, announced that it is launching a two-year search for the digital euro in the summer of 2021. Since then, many drafts and working papers have been published for the CBDC. The association plans to launch the digital Euro in 2026.
Bitcoin Suisse Explains Why Switzerland Is A Crypto Pivot Spot
Bitcoin Suisse CEO Dr. Dirk Klee said that Switzerland is a “pivot point” for crypto adoption in Europe and remains “the center point of the next phase of institutionalization.” The CEO explained in a Cointelegraph interview in Davos, Switzerland, why Switzerland is still the top spot for crypto in Europe and will continue to attract institutional investors. Speaking with Gareth Jenkinson, Klee said:
“A lot of trust has been destroyed and eroded over the last year, and we want to be the centerpiece of the next phase of institutionalization, you know, to make it more accessible, easier to use and also more secure.”
Founded in 2013, Bitcoin Suisse is one of the oldest Bitcoin and crypto companies specializing in asset storage, including “deep Swiss mountains custody solutions”. Switzerland is a well-known safe haven for crypto in Europe. The landlocked country is known for its role in the inception of Ethereum and is home to Crypto Valley, a conducive environment for blockchain and cryptocurrency companies. Switzerland also has the Bitcoin and crypto-friendly city of Lugano, which hosts the Bitcoin conference and even got McDonald’s to accept Bitcoin Lightning.