The technological firm Monei revealed this week that it received authorization from the Bank of Spain to begin testing in the sandbox of the digital Euro project (EURMs)..
The news that was released on Thursday revealed that The project will be used on the Blockchain technology of Ethereum and Polygon, and where, in addition, each of the users will be natural persons who will be able to issue up to 10 euros backed by physical euros, the total of which will be kept in two safekeeping accounts of Spanish reference financial institutions such as They are BBVA and Caixabank.
On the other hand, according to Monei, The potential number of EURM users in Spain, once the project has been successfully completed within the framework of the controlled testing space, will be almost 57 million users, given the total number of mobile telephone lines within the country. It is also worth noting, as explained by them, that in the testing phase, the user (individual) will only have to enter their phone number, verify their identity by means of video identification, and load the wallet with real euros through Bizum .
Álex Saiz Verdaguer, CEO and founder of MONEI, He expressed that EURMs was a project with great potential and was emphatic in affirming that the future of payments was digital.
“This is our chance to show the rest of Europe and the world that we are at the forefront. EURM is the ultimate pan-European solution that will enable citizens and businesses across the continent to send and receive money instantly.”said.
Lastly, from Monei have also shared some of the use cases on their website for the EURM project to be used in the Sandbox:
- Send from hundreds of euros to fractions of cents every certain time interval, even milliseconds, for example, to pay transportation or food allowances for employees.
- Allow a business to digitize and schedule the daily payment to its suppliers according to the consumption that has occurred that day.
- Prorate a monthly payment in daily payments to be able to face any cost that we cannot pay at that moment.
- Allow employees to choose whether they want to receive daily, weekly, biweekly or monthly payroll, without adding more work to the company.
“All these practical uses can be programmed without the need for human intervention and are valid for both national and international operations, without there being a higher cost per transaction. In the same way, EURM offers greater transparency that will allow the authorities and the Tax Agency to be able to consult these movements in real time”they communicated.
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