Features Crypto News by Thebittimes.Com

The Bank of Spain said the study can help determine to what extent it can adapt to the "needs and demands of an increasingly digital society.” Spain’s central bank, the Bank of Spain (BDE) said it intends to launch an experimental program to begin testing wholesale Central Bank Digital Currencies (CDBCs) and is seeking collaboration proposals from local finance and technology institutions. The bank will focus on three main areas with the program that seeks to simulate the movement of funds, experiment with the liquidation of financial assets, and analyze the benefits and drawbacks of introducing a wholesale CBDC to its current processes and infrastructure according to a translated Dec. 5 statement. A wholesale CBDC refers to a digital currency typically for use by banks to keep reserves with a central bank, as compared to a retail or general-purpose CBDC that’s open to use by the public. The program is “exclusive” to the BDE and it stated it was unrelated to work being undertaken...

Join Our Telegram channel to stay up to date on breaking news coverage Some jurisdictions have slowed down or given up on the race to introduce a central bank digital currency (CBDC) as nations compete to do so. While many analysts were promoting the idea that CBDCs ought to be launched immediately, some nations have chosen against them, while others have tested CBDCs only to reject them. Global central banks offered widely varied perspectives on why each nation’s CBDC-related initiative didn’t succeed or didn’t need to be launched in the first place, each with their own unique explanations. There are four nations that have either suspended or paused their CBDC or CBDC-like efforts Denmark Denmark is among the top European nations for digital payments since its citizens use cash far less frequently than citizens of other European countries.  The Nordic nation was also among the first to look into the prospect of releasing a CBDC, with the Danish central...