The Banque de France successfully conducted an interbank settlement experiment with central bank digital currency (CBDC) using a blockchain platform
According to a statement from the Bank of France, the pilot project included settlements on a private blockchain provided by the British blockchain startup SETL. The amount with which the testing was carried out was about € 2 million ($ 2.43 million).
The French bank used SETL’s Iznes fund management platform to work with Citi, CACEIS, Groupama AM, OFI AM and DXC as participants in the first settlement process with CBDC. Additional experiments will be carried out in the pilot program midyear, and the bank said the process will be an important contribution to research into the benefits of CBDC.
Earlier, the head of the Bank of France, François Villerois de Gallo, spoke openly about the potential benefits of developing and issuing CBDC.
In 2020, a French bank posted a request for proposals for experimental use cases for CBDC. The aim of the project was to help the French central bank understand the risks and mechanisms of CBDC, and to contribute to the dialogue of the Eurozone countries on digital money.
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