MONEI, the fintech that simplifies and speeds up digital payments, has just got the green light from the Bank of Spain’s Financial Sandbox to start testing the project that will enable stable digital token transfers against the euro: EURMs. This project is part of the Bank of Spain’s Controlled Testing Space.
Instant payments have become the new normal by enabling a fast and flexible flow of digital money. However, one of the biggest challenges they have faced is national borders and anchoring to archaic technical financial systems.
EURM facilitates Europe-wide online payments and the sending of stable tokens against the euro, using Ethereum and Polygon blockchain technology.
In the test phase, the (individual) user simply enters his or her phone number, verifies his or her identity through video identification, and loads the wallet with real euros via Bizum. Automatically, as many EURM are created as the number of real euros deposited by the user and he/she can send EURM to other registered users.
Users will be natural persons, and will be able to issue EUR 10 per participant. Thus, the potential number of EURM users in Spain, once the project is successfully completed in the controlled test area, is almost 57 million users, which is the total number of mobile phone lines in Spain. Each token will represent one physical euro, the total of which will be held in two safekeeping accounts at leading Spanish financial institutions such as BBVA and Caixabank. EURMs can be exchanged for euros at any time. In addition, there will always be the same number of EURMs as euros backing them.
RocaJunyent advised with ateam led by partners Xavier Foz and Beatriz Rodríguez Gómez, together with associate Joaquim Matinero Tor, and lawyers Milagros María Fasan and Celia Príncipe Barquín.
