Iberpay and Spanish banks will test the issuance of tokenized money on the blockchain

by
Iberpay и испанские банки протестируют выпуск токенизированных денег на блокчейне

The National Payment Operator of Spain Iberpay announced the following stage of the initiative of Smart Money, in which five banks will test the issue, distribution and repayment of tokenized money.

According to Iberpay, controlling Spanish Infrastructure of interbank payments, Testing will also take part in the final customers of the bank. Earlier this year, Banco Sabadell, Santander Bank, Banking, BBVA, Caixabank and iBerpay successfully completed testing the evidence of the concept (PoC) for payments using smart contracts.

The current evidence of the concept is performed in the Red-I-test environment of the interbank blockchain iBerpay, which is connected to the Spanish system of retail payments (Snce). Testing provides for the future scenario of the work of financial institutions, in which solutions in the field of digital money will be created, "Backed with money on accounts in central banks".

Although Iberpay does not use this term, In fact, we are talking about synthetic state cryptocurrencies - digital currencies, secured by the obligations of the Central Bank, But tokenized money from the interbank platform SMART Money will be distributed with the help of private companies as part of testing among banks.

Commercial banks will distribute tokenized money among their customers. Corporations will allow the use of digital money for payments to retail customers, And customers will be able to use them for P2P payments.

Iberpay and Spanish banks will test the issuance of tokenized money on the blockchain

Iberpay wants to assess the influence of such a distribution of digital money on the financial sector. The company considers tokenized money as a way of providing new digital services and wants to prepare for this future. POC will work from November to II quarter 2021 of the year, And other banks can join it.

Recall, that recently the president of the European Central Bank Christine Lagard (Christine Lagarde) said, what, In her opinion, EU money regulation bodies can release digital euros in the next two to four years.