Reported by Consejeros Editorial Team
The five financial institutions have successfully carried out the first multi-bank proof of concept for tokenised deposits. This trial has demonstrated that it is feasible to carry out interbank money transfers using blockchain technology.
The process was carried out without the need to issue any cryptocurrency and without altering the legal or financial nature of customers’ deposits, which continue to be regarded as traditional bank money.
Specifically, the test was carried out in a closed and controlled environment, via interbank transfers of tokenised deposits between the participating institutions, using an account structure created by Cecabank to ensure the instant settlement of transactions in sync with the operations generated on the distributed ledger technology (DLT) network.
According to Cecabank, this process builds on other innovation initiatives, driven in coordination with the Bank of Spain, notably including the proof of concept for the issuance of a tokenised bond, carried out in 2024.
