Bank of Spain Announces Partners for Wholesale CBDC Trials

[sirty143]

Bank of Spain Announces Partners for Wholesale CBDC Trials

The Bank of Spain has announced that Adhara, a treasury and transactions payment platform, and a consortium formed by Cecabank and Abanca, two private banks, will be its partners in the development of several upcoming wholesale central bank digital currency (CBDC) trials... See more for yourself here.

Your opinion is greatly appreciated.

[joniboini]

If I read it correctly, this is related to bond issuance and management using a blockchain platform, not necessarily testing the likes of launching USDC for their purpose. Another test related to that seems to be ongoing already, although I'm not sure how exactly they will test it. I guess the average joe can only glimpse the process from a newspaper, without any method of verification at all. Then again, most crypto enthusiasts are probably not that enthusiastic about CBDC. Not really sure how to feel about it, other than the fact that it probably won't affect Bitcoin and other cryptos in general. I'd be surprised if they even touch their blockchain at all, considering most of them will launch their private network for this.

[Don Pedro Dinero]

Well, there seems to be no turning back. The testing and subsequent launch of the CBDCs is underway. I will try to avoid them and will not use them unless in the future the only legal way to make transactions is the CBCD. But in the meantime, I will continue to use quite a lot of cash for my day-to-day payments and bank transfers or card payments for larger amounts.

[joniboini]

I'm pretty sure the day when everyone needs to use CBDC is still far away though, probably 15+ years or so, considering how many people are unaware that crypto is a thing or that digital fiat exists. Maybe not the case for Europe or the US, but even if we assume they know all about CBDC, the chance that the community push back against it is not low especially if the government has a bigger control over people's money. So yeah, while tests like what OP posted will become more mainstream, the chance that everyone willingly moves to CBDC just because the government said so is low.