Spanish financial sector explores design concepts for digital euro

 

 

 

Spanish financial sector explores design concepts for digital euro

News
July 21, 2021 by J.D. Smith
33
Iberpay in concert with 16 Spanish banks has successfully concluded proof-of-concept trials that tested different design options for a future digital euro. The Smart Money project compared and contrasted different approaches currently under investigation by the European Central Bank, such as token-based and account-based models, DLT technology, online digital money payments and the possibility of

Iberpay in concert with 16 Spanish banks has successfully concluded proof-of-concept trials that tested different design options for a future digital euro.

The Smart Money project compared and contrasted different approaches currently under investigation by the European Central Bank, such as token-based and account-based models, DLT technology, online digital money payments and the possibility of making offline payments without internet connection.

The tests were undertaken utilising Iberpay’s Red-I interbank blockchain network.

The Spanish payments infrastructure operator says the experiments confirm the viability of a model for the distribution of a digital euro, citing preference for a two-tier operation in which the ECB issues digital euros and the financial sector distributes them through current banking channels.

The report also calls for the co-existence of an account-based model of digital euro (similar to current bank money) and a token-based model (digital representation of the euro, closer to the concept of cash) in the same infrastructure.

Other experiments on the viability of offline payments and the use of DLT were less conclusive, requiring further work and clarification of existing rules on privacy issues and digital identity.

 

 

 

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