The proposal period for financial institutions and other technology providers will end on January 31.

The Bank of Spain plans to start a wholesale central bank digital currency project and has called on finance institutions and tech providers to submit proposals by January 31.

The bank’s new program simulates the use of a CBDC for wholesale transactions. This is a transaction that transfers funds between banks and financial institutions.

The bank clarified that the program isn’t related to research the European Union is doing on a retail digital euro. Separately, this September, France’s central bank announced two projects to assess the potential of a wholesale CBDC.