Spain Announces Plan to Begin New Wholesale CBDC
Spain’s central bank has just announced they will begin a CBDC project for wholesale in early 2023. The plan, once established and approved, means that Spanish banks will be able to provide banking services to larger customers such as other banks and companies with CBDCs.
The announcement comes at a time when calls for crypto regulations are at an all time high following the FTX collapse; and these regulations will be easier to maintain with CBDCs.
However, many claim that CBDCs are not true cryptocurrency because transactions on a centralized network can be controlled, removing the key aspect of decentralization from the blockchain.
It’ll be interesting to see how Spain expects to utilize a CBDC because their official currency is the Euro and Christine Lagarde, President of the European Central Bank, has already stated her stance against cryptocurrencies.
