France tested his CBDC with a 10-month experiment: report
France tested his CBDC with a 10-month experiment: report
One of the leading European economies-France-has reportedly concluded its 10-month experiment, which aims to test how a digital central bank currency would interact with its debt market. The financial services company Eureclear led the project in which some of the country's largest banks took part.
France urges a CBDC
Last year, the Banque de France - the central bank of the country - worked with the Belgian financial service company Eureclear and many of the leading French financial market participants.
according to a current according to the financial time With government bonds and wraps the transactions with a CBDC issued by the central bank during a 10-month test program.
The project tested the usefulness of such a digital token in a number of everyday activities such as paying coupons, redeeming shops, the issue of new bonds or their use in pension business.
One of the big names of the Allianz included Société Générale, BNP Paribas and Crédit Agricole CIB, while the American multinational technology group IBM developed the system for the experiment. Soren Mortensen - global director of the latter - commented:
"We are quickly moving to a fundamental change in the post-trade market infrastructure. This project went far beyond earlier blockchain initiatives, since it successfully tested most processes of central custody and central banks and at the same time eliminated current intermediate steps such as the coordination between market intermediaries."
Isabelle Delorme - deputy chairman of the board of Euroclear France - also commented on the process. According to her, the cooperation between these institutions was successful because they showed that "the digital currencies of the central banks can handle central bank money safely and safely".
change of heart?
The research and potential introduction of a digital central bank currency seems to be a surprising step of the Banque de France, since the head of the institution - François Villeroy de Galhau - recently inscribed this financial instrument as risky and to strict regulations.
"Whether digital currencies or payments, we have to be ready for action in Europe as quickly as necessary or take the risk of erosion of our currency sovereignty."
The banker emphasized that the international performance of the euro was also at risk if the supervisors do not take regulatory measures. In his opinion, the step should come into force in the “next one to two years”, otherwise the EU would “lose swing”.
Selected image with the friendly approval of Moneyvox
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