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- The French central bank completes the first test of a blockchain-based digital euro on May 14.
- The French Bank commenced its experimental approach to central bank digital currency at the beginning of this year.
- Also, French central bank governor François Villeroy de Galha had earlier stated their desire to be the first country to issue digital currency.
Digital Euro Test
The French central bank completes the first test of a blockchain-based digital euro. The test has reportedly taken place on May 14. Also bringing to attention is the fact that Investment bank Societe Generale also took part in the digital euro’s test. The Bank of France employs blockchain technology in the test for creating digital securities that represent the euro.
According to reports, the experimental approach is to embrace the potency of innovative technologies in enhancing the financial markets’ functioning. And in particular, to improve the interbank regulations. Regardless, we can only hope more countries enter the space to embrace the potential blockchain owns and take the initiative to launch their own digital coins. The French Bank commenced its experimental approach to central bank digital currency at the beginning of this year.
French Central Bank to run more experiments in coming weeks
Further highlighting what the french central bank seeks to achieve in the short-term, it mainly will run more experiments. Moreover, it has come to light that these experiments will involve the transfer of the digital euro between banks.
French central bank governor François Villeroy de Galha had earlier stated their desire to be the first country to issue digital currency. Besides France, China is also on the tracks of developing its own digital currency.
Earlier in 2019, he had said that they would commence with the experimentation as quickly as possible. Following this, he had added that they would launch the projects by the mid-2020. Further talking about the use of the digital euro, Villeroy stated that banks will first initialize its use instead of the citizens.
