05-31-2020 icon

Bank of France Announces Successful Digital Euro Test

By Sagetwriter
Bank of France Digital Euro Test

The Banque de France – Central Bank of France has announced the successful completion of its blockchain-based digital euro test, as part of its ongoing central bank digital currency experiment.

According to an official publication titled: “Progress of the central bank digital currency experimentation process launched by the Banque de France”, the bank used blockchain technology to develop in-house digital securities representing the Euro.

The press release reads:

“Since the start of the year, the Banque de France has embarked on an experimental approach to central bank digital currency, aimed at exploring with partners the potential contributions of new technologies to improve the functioning of the financial markets and more particularly interbank regulations (so-called “wholesale” central bank digital currency).”

The bank says the current pilot program will focus on a wholesale CBDC for banks and institutional players’ rather than retail uses; noting that it would continue to run more experiments over the next few weeks.