Spain's central bank approves euro-linked token pilot as part of sandbox initiative: Report

Spain’s central bank approves euro-linked token pilot as part of sandbox initiative: Report


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

Trending: How America’s FBI Is Starting to Look An Awful Lot Like the KGB

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend