The Central Bank of Spain (El Banco de Espa ñ a) has authorized the detection of the data euro token EURM.

The token will be sold by the Spanish financial wealth management company Money, and will be developed and designed in the central bank data "sandbox game" plan.

Spanish news media Cinco Dias said that this project will be limited to a small number of test applicants at the initial stage. The applicant must type in the contact number and then carry out the KYC step according to the video content before loading the digital currency wallet according to the traditional euro application of the Spanish payment application Bizum.

Once the wallet gets the assets, users can actively push the EURM token to participants and registered companies. The FIAT euros deposited will be deposited in two specific bank accounts of BBVA and CaixaBank. According to the announcement, all the EURM tokens will always carry out 1:1 strong support with FIAT.

The demonstration site is planned to continue for 12 months, and the report will be prepared for the central bank to decide whether to authorize the full launch. At the same time, there are already stable currencies associated with the euro, such as Circle's EUROC, Tether's EUR and Stasis Euro. Tether's euro token has the largest TVL, with a total market value of US $223 million at the time of publishing.

Spanish financial institutions do not approve Stablecoins publicly issued by companies such as Tether and Circle. Therefore, the central bank must have the ability to verify the risk reserve to ensure that all data tokens can be strongly supported by FIAT 1:1.

Alex Saiz Verdaguer, the founder and chief executive officer of Money, confirmed that "there are different new projects, but there is likely to be conflicts." In addition, he also said that the euro "may be a demonstration point for the European Central Bank." Therefore, although the euro token may not be revolutionary at the level of stable currency, its contact with the Bank of Spain shows the progress of CBDC.

However, unlike other stable currencies associated with the euro, the vision of EURM is to allow Spanish financial institutions to manipulate the issuance of "programmable currency"

Verdaguer told Cinco Dias that tokens can be programmed to prevent negative account balances, and smart payments can be delayed before funds are available.

This kind of device can help you prevent cash out and extra bank charges from being deducted. Digital currency can also be programmed to automatically solve the company's salary in the time interval of formal parameters.

Even so, the level of control given to the central bank according to the programmable currency also increased the risk of government departments' exploitation. For example, the central bank can remotely control and limit the consumption power of all digital currency customers, or limit the use of special services and products. In addition, according to the application of asset income, real-time tax payment can be manipulated through blockchain smart contracts.

For many years, potential application examples of CBDC have been widely discussed. However, an extremely important European Central Bank has detected the implementation of data tokens, which undoubtedly paved the way for the completion of CBDC in Europe.