The five financial entities have successfully executed the first proof of concept for multibank tokenised deposits. This trial has served to demonstrate that it is feasible to carry out interbank money transfers using blockchain technology. The process has been carried out without the need to issue any cryptocurrency and without modifying the legal or financial nature of clients' deposits, which continue to be considered traditional bank money.
Specifically, the trial was conducted in a closed and controlled environment, through interbank transfers of tokenised deposits between the participating entities, using an account structure created by Cecabank to ensure the instant settlement of movements in synchronisation with the operations generated on the distributed ledger technology (DLT) network.
According to Cecabank, this process continues other innovation initiatives, driven in coordination with the Bank of Spain, among which stands out the proof of concept for the issuance of a tokenised bond, developed in 2024.