The monetary sandbox initiative of the Bank of Spain, or Banco de España, has actually reportedly authorized a task from fintech firm Monei checking a token linked to the euro.According to a Jan. 18

report from Spain-based news outlet Cinco Días, the Bank of Spain offered the thumbs-up to Monei to provide its EURM token as part of a screening phase expected to last in between 6 to 12 months. The sandbox was aimed at developing a regulated screening environment for financial development tasks in Spain under the supervision of central bank authorities.As part of EURM’s screening stage, eligible Spanish residents with a contact number will reportedly be able to send the equivalent of 10 euro using the digital property. The digital tokens will apparently be backed 1:1 with physical euros held at Banco Bilbao Vizcaya Argentaria and Caixabank.”The future of payments is digital, “stated Monei CEO and creator Álex Saiz Verdaguer.

“This is our opportunity to reveal the rest of Europe and the world that we are at the forefront.”The Bank of Spain announced the launch of its own” unique “wholesale reserve bank digital currency, or CBDC, program in December. Though Monei’s job is not a CBDC issued by the European Central Bank,

or ECB, Verdaguer stated screening it through Spain’s central bank might prepare for such a token:” [The Bank of Spain] might take a seat with the ECB and state that we

have the product, that it is regulated and monitored and that it is formed from there.”Related: Cosmos EUR stablecoin project to unwind after 2 years The ECB revealed in July 2021 that it had released a two-year examination phase for a digital euro, suggesting at the time a prospective release in 2026. The central bank has given that released statements and working papers concentrated on the design and features of a CBDC, with the ECB Governing Council expected to examine the results of the investigative phase in the third quarter of 2023.