In a groundbreaking move that signals a significant step towards the digitalization of the euro, Spanish fintech firm Monei has embarked on trials of a euro-backed stablecoin, EURM, under the watchful eye of the Bank of Spain. This initiative marks a pivotal moment in the financial landscape, promising to revolutionize how transactions are conducted, not just in Spain but potentially across the Eurozone.
The EURM trial, set against the backdrop of Spain’s regulatory sandbox, involves a carefully selected group of individual users. These participants are tasked with verifying their identity, uploading a wallet, and depositing 10 euros to exchange for 10 EURM, with every unit of this new stablecoin being backed 1:1 by euro currency held in prestigious Spanish banks such as BBVA and Caixabank.
Monei’s CEO, Alex Saiz Verdaguer, envisions this trial as a significant stride towards the full digitalization of payments. He posits that EURM will offer a more secure, efficient, and economical mode of money transfer, democratizing and liberalizing the process like never before. The infrastructure supporting EURM is designed to facilitate instant transactions at negligible fees, and it incorporates versatile corporate functionalities, including real-time employee payments and productivity bonuses, guided by advanced robotic instructions.
This development is not in isolation but is part of a broader movement towards digital currencies, as evidenced by the Bank of Spain’s initiation of a wholesale central bank digital currency (CBDC) program in 2022. The potential alignment of EURM with the Bank of Spain’s technology preferences, coupled with Spain’s proactive approach to implementing the European Union’s Markets in Crypto-Assets Regulation, underscores the country’s commitment to leading in the digital financial domain.
The BESIDE Project: At the Forefront of Financial Digitalization
The trials of EURM in Spain dovetail seamlessly with the objectives of the BESIDE project, which is at the forefront of equipping financial sector professionals with the latest knowledge and skills in blockchain technology and digital financial services. As the financial world gravitates towards digital solutions, the BESIDE project offers a comprehensive e-learning platform and pilot course designed to enhance the digital capabilities of professionals in the sector.
Discover more about how the BESIDE project aligns with these innovative developments and how you can be a part of this journey. Visit our website at https://besideproject.eu/ to explore our courses, resources, and the broader vision of empowering financial professionals in the digital age.
Join us at the BESIDE project, and let’s navigate the future of finance together.