Pilot Program of Euro-backed Stablecoin Approved by Bank of Spain

  • The eurm token will be produced using Ethereum and Polygon blockchain technology.
  • MONEI hopes that regulators will give their clearance to this stablecoin initiative.

Stablecoins and CBDC trials are becoming more popular in Europe. Spanish central bank Banco de Espaa approved a pilot programme on January 19. That would issue digital tokens tied to the euro. MONEI, a regulated fintech payments business, is leading the charge on this initiative. Furthermore, that will provide customers the ability to produce their own stable euro currency for various uses.

Moreover, the eurm token, which will be produced using Ethereum and Polygon blockchain technology. And backed by actual euros, will be issued using deposits made by users. Each user who has signed up for MONEI’s platform will be limited to issuing a maximum of 10 EURM during the test. Which is written into the bank of Sain’s financial Sandbox.

Faster Payments With Less Expenses

Moreover, as there are 57 million active phone lines in Spain. The test may include the distribution of up to 570 million euro. MONEI will be in charge of the two accounts at BBVA and Caixabank where this money would be kept.

As part of its effort to modernize the Eurozone’s payment system. MONEI is highlighting its digital euro stablecoin, which promises to increase the speed of payments while decreasing the operating expenses associated with them.

Furthermore, to address the need for programmed fiat equivalent money in the form of automated and recurring payments, MONEI hopes that regulators will give their clearance to this stablecoin initiative following this test. Payments to vendors might be scheduled depending on the day’s sales, and employees’ allowances may be disbursed on a daily, weekly, or monthly basis based on their own preferences.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.