CBDC trials carried out in France

  • As part of a 10-month trial, France’s Central Bank completed a series of bond transactions using blockchain and its digital currency
  • According to the article, the pilot was led by Euroclear and comprised big French banks, as well as the French public debt agency
  • China, the world’s largest economy, is leading the way with the deployment of CBDC for use in its home market, and it aims to expand its CBDC trials to international visitors during the Winter Olympics in Beijing next year

As part of a ten-month trial, France’s Central Bank completed a series of bond transactions using blockchain and its digital currency. According to a statement from securities depository Euroclear, the transactions were carried out by the Banque de France and a consortium of France’s major financial markets, the transaction was not disclosed in the report published on Euroclear’s website, but almost 500 orders in both primary and secondary markets were completed. The partnership included BNP Paribas, Credit Agricole Societe Generale, CIB, and HSBC.

According to the article, the pilot was led by Euroclear and comprised big French banks, as well as the French public debt agency. The CBDC study, which was first reported by the Financial Times, is one of the largest in the European Union to date, with France being one of the most high profile eurozone nations to do so. The e-krona is used in Sweden, whose Riksbank is also considering digitising its national currency. The Banque de France issued a request for ideas for central bank digital currency CBDC experiment applications in the beginning of 2021, in an effort to better understand the risks and procedures associated with CBDCs. The bank has also tried a variety of CBDC-based initiatives in the wholesale market, cross border payments, and interbank settlements.  

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China, the world’s largest economy, is leading the way with deployment of  CBDC for use in its home market, and it aims to expand its CBDC trials to international visitors during the Winter Olympics in Beijing next year. While the United States and the European Union are still in their early phases of development. The danger of private cryptos like Stablecoins, has encouraged a number of countries to explore CBDCs. As per studies, the project has gone past the prior blockchain attempts, since it successfully tested most central securities depository and central bank operations while removing current interim stages, such as reconciliation between market intermediaries. They are on the verge of a major shift in post-trade market architecture. 

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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