The financial sandbox ar of the Bank of Spain, or Banco de España, has reportedly approved a project from fintech firm Monei testing a token linked to the euro.
According to a Jan. 18 report from Spain-based news outlet Cinco Días, the Bank of Spain gave the green light to Monei to issue its EURM token as part of a testing phase expected to last between 6-12 months. The sandbox was aimed 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