Bank of France successfully tests digital euro
The Central Bank of France has announced the successful completion of blockchain testing of the digital euro.
Testing was conducted in conjunction with the French financial conglomerate Societe Generale, which, within the framework of the project, issued covered bonds in the amount of € 40 million in the form of security tokens, and then paid them in digital euros. Absolutely all stages of the experiments were implemented on the blockchain infrastructure.
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After completing the tests, the Central Bank said it planned to conduct additional tests with other financial market participants in the next few weeks as part of a pilot project.
The results of these experiments should be an important contribution of the Bank of France to a program to study the potential of digital euro and global reflection on the prospects for using the digital currency of the central bank. However, the Central Bank does not plan to withdraw cash from circulation, since the project is designed to use digital money for interbank settlements.
Recall that in January 2020, ECB representative Jens Weidman called on European banks to develop a cheaper and faster payment solution for consumers that can compete with private projects.
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