Bank of Spain Greenlights Euro-Backed Stablecoin Token Pilot Program


The Bank of Spain has given approval for the launch of a pilot program involving the issuance and usage of euro-pegged stablecoins. The program, which MONEI, a fintech institution, is launching, will allow users to issue digital euros with fiat deposits in order to experiment with these in payment applications, increasing their transparency.


Bank of Spain Authorizes Digital Euro Token Tests

Europe is becoming a hotspot for stablecoins and CBDC (central bank digital currency) experimentation. On Jan. 19, the Bank of Spain greenlighted a pilot program that involves the issuance of euro-pegged digital tokens. The project, which is being spearheaded by MONEI, a regulated fintech payments company, will allow users to issue their own euro stablecoins for different purposes.

Using Ethereum and Polygon blockchain technology, the eurm token will be issued with deposits coming from users, with each token being backed by real euros. The test, inscribed as part of the actions in the financial Sandbox of the bank of Sain, only allows the issuance of ten eurm maximum by each user registered in MONEI’s platform.

The test encompasses the issuance of up to 570 million eurm because Spain has 57 million phone lines subscribed. These funds will be held in two accounts in two financial institutions, BBVA and Caixabank, managed by MONEI.


Digital Euro Use Cases


MONEI is profiling its digital euro stablecoin as part of its modernization take on the payments in the Eurozone, increasing the speed of payments while cutting operational costs linked to them. On this, MONEI CEO and founder Alex Saiz Verdaguer stated:

The future of payments is digital. This is our chance to show the rest of Europe and the world that we are at the forefront. Eurm is the ultimate pan-European solution that will allow citizens and businesses on the continent to send and receive money instantly.


MONEI aims for this stablecoin project to be approved by regulators after this test, to tackle automatic and periodic payments that would benefit from programmable fiat equivalent money. As an example, a company could program payments to providers based on the sales executed on any given day, or allow workers to program their allowance payments on a daily, weekly, or monthly basis automatically.


This project is a private-led initiative and has no relationship with the digital euro initiative led by the European Central Bank, which is currently still in its investigative phases to decide if it will be issued.


Source : [Bank of Spain Greenlights Euro-Backed Stablecoin Token Pilot Program]( by Sergio Goschenko - Bank Spain MONEI Euro•Bitcoin News by Sergio Goschenko / January 23, 2023 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Filiale italiana

Via Archimede, 161,

00197 Roma


L’acquisto di asset digitali è soggetto a un elevato rischio di mercato e volatilità dei prezzi. Le variazioni di valore possono essere significative e avvengono rapidamente e senza preavviso. Le prestazioni passate non sono un indicatore affidabile delle prestazioni future. Il valore di un investimento e i rendimenti possono variare al rialzo come al ribasso e potrebbe essere che non recuperiate l’importo investito. AVVERTENZA DI RISCHIO

Automata ICO Limited ha una filiale in Italia con sede legale in Via Archimede, 161, Roma, Italia, e registrata in Italia con il numero 96550860587 presso l'Organismo Agenti e Mediatori (OAM) come fornitore di servizi di asset virtuali (VASP).

Automata France SAS è una società registrata in Francia con il numero aziendale 902 498 617. Automata FRANCE SAS è registrata presso l'Autorità del mercato finanziario francese, l’Autorité des marchés financiers (“AMF”), come fornitore di servizi di asset virtuali con il numero E2023-087.

Automata Pay Europe Limited è un partner di Modulr Finance B.V., una società registrata nei Paesi Bassi con il numero di registrazione 81852401, autorizzata e regolamentata dalla Banca Centrale Olandese (DNB) come Istituzione di Denaro Elettronico (Numero di Riferimento Aziendale: R182870) per l’emissione di moneta elettronica e servizi di pagamento. Il tuo account e i servizi di pagamento correlati sono forniti da Modulr Finance B.V. I tuoi fondi saranno detenuti in uno o più conti segregati e protetti in conformità con la Legge sulla Vigilanza Finanziaria.