Press release about the outcome of the call for expression of interest in collaborating with the Banco de España in the development of experiments on the use of digital tokens (formato inglés) (76 KB)
NOTICE: Proposals submitting period is closed.
Call for expression of interest in collaborating on wholesale digital tokens experiments.
In line with other central banks’ experience, Banco de España is launching an experimentation programme aiming to expand its knowledge of the possibilities of the so-called wholesale central bank digital currencies (w-CBDC).
By means of this call, a process is opened for interested organizations to submit their proposals with the aim of collaborating in the development of this initiative. The deadline for submissions is January 31st, 2023, at 6:00 p.m. Proposals must meet the description provided in the document “Bases de la convocatoria (128 KB)” (only available in Spanish).
This Programme is not related to the work carried out by the Eurosystem in the context of the digital euro. It is an exclusive initiative of Banco de España, focused on three main areas:
(i) simulating transactions involving w-CBDC funds transfer; (ii) experimenting the integration of a w-CBDC in the settlement of financial assets; and, arising from the above, (iii) analyzing possible advantages and disadvantages of a w-CBDC as regards traditional processes, procedures and infrastructures.
Programme participation terms and procedures
Organizations interested in being part of this Programme -whether individually or on behalf of a consortium, group or similar structure- must meet the following minimum requirements:
- proved expertise in one or several of the areas that define the scope of the experimentation as specified in section “3. Alcance y objetivos concretos de la experimentación” of the document “Bases de la convocatoria”;
- have a business unit located within the European Economic Area;
- be up to date with tax and social security (or equivalent entity) payments, according to their jurisdiction, and;
- not being involved in legal proceedings or having been the subject of a court ruling that, due to its characteristics, could imply a reputational or patrimonial risk for Banco de España.
Interested parties must submit their proposals via Banco de España’s Electronic Register using one of the authentication electronic certificates accepted by this institution. To this end, applicants must use the web form of the Electronic Register. They must further state in the “Solicita” field the following text: “Participar en la experimentación con tokens digitales mayoristas”.
Applications must, at a minimum, include the following information:
- data on the consortium or group of entities;
- description and tentative scope of the proposal specifically stating its duration, phases, objectives and geographical scope;
- previous expertise of the applicant(s) in the area covered by the proposal;
- technical, human and material resources that will be dedicated to the experiment;
- detailed documentation, components and other software/hardware elements that the applicant(s) plan(s) to elaborate/develop as part of the exercise;
- nature of the technical or operational support needed from Banco de España in order to carry out the proposal; and
- a list of public authorities, financial market infrastructures and/or other agents who may be appropriate to involve in the experiment.
Additionally, applicants must agree to comply with the general conditions of the collaboration agreement, as stipulated in the call for expression of interest (128 KB).
Once the submission deadline is due, Banco de España will review and evaluate applications according to the established criteria. It may also decide to hold interviews with the shortlisted candidates before a final decision is taken. Banco de España can also consider to execute projects partially and/or have them combined with one another as a precondition for their final selection.
Upon completing the final selection of collaborating organizations, Banco de España will notify its decision and sign a collaboration agreement, in accordance with the provisions of Law 40/2015, of October 1, on Spanish Public Law Legal System.