France: first digital test on the euro
The Bank of France he announced yesterday to have succeeded a test to test the use of the digital euro.
In early 2020, the Banque de France started an experimental approach to the central bank’s digital currency (CBDC), with which it explores the potential contribution of new technologies to improve the functioning of financial markets, with a particular interest in interbank regulation. .
Basically, France would experiment with a “wholesale” central bank digital currency.
This approach seems to be in line with what was proposed by the head of the Visa Crypto section, Cuy SheffieldIn reality claims that central banks cannot disclose their digital currency directly to consumers.
The Banque de France is collaborating precisely with certain technical partners to carry out these tests, on the basis of a DLT developed by their teams, to test the use of a CBDC for the issue of digital financial securities by Société Générale Forge.
In addition, the bank declares that, in the coming weeks, other experiments will be carried out in collaboration with other players, on the basis of the requests received within the framework of the call for applications opened on March 27, 2020 for the tests of the euro in interbank regulation.
The number of requests received is high and this shows the great interest of the banking and financial sector for this technology.
France supports technological innovations
France is there is time is committed to supporting blockchain and technological innovations he never hid of prefer a digital euro to similar but private initiatives, like Libra.
It is no coincidence that, among the 19 countries in the euro zone, France is the most advanced in testing the technology of the ledger distributed to create a digital euro, probably more considered as an infrastructure basic monetary only as a currency. issued directly by the central bank to consumers.
In the end, if it actually came out, the digital euro would also reach consumers’ pockets, but via banking or payment intermediaries, or exactly as it happens today with the traditional euro, it would therefore simply be a different technological infrastructure to manage a de facto currency identical to the eurofrom a financial point of view and not from a real new currency. Nothing to do with real cryptocurrencies anyway.
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