We are pleased to announce that Banque de France successfully completed our implementation of a central depository for digital assets, which is a requirement for CDBC.
In an increasingly automated world, national and international regulatory bodies are beginning to explore new ways to use Blockchain technology to improve their processes. The Banque de France and the Republic of France are about to join the growing list of organizations that have successfully executed “Centralized Digital Banking Centralization”, or CDBC, a new method of issuing banknotes based on Blockchain technology.
Banking giant has opened up a new experiment, and this time, it’s about what to do with the money you stash in your crypto accounts.The French central bank has announced that it will move forward with a European Central Bank Digital Currency (CBDC) – a type of domestic cryptocurrency – after a successful review.
The bank – also known as Banque de France – announced that its recent experiment with SEBA, a Swiss cryptocurrency bank, was a success. In collaboration with SEBA, Banque Internationale à Luxembourg and Luxembourg’s central securities depository LuxCSD, the central bank is testing the digital currency to see if it can facilitate the settlement and delivery of listed securities. LuxCSD announced a success on its platform:
The Banque de France has successfully introduced the central bank’s digital currency (CBDC) in a test environment in combination with TARGET2-Securities (T2S), the European Central Bank’s settlement platform.
Serge Muntin, head of operations at Banque Internationale à Luxembourg, said:
The world of payments is evolving rapidly in a digitalized environment. At BIL, we strive to offer our clients the latest innovations in payment services. For us, it was only natural to take part in this experiment, which could determine the future of the digital money of the central banks in the Eurosystem.
The Director General of Financial Stability and Operations at the French Central Bank highlighted the success of the experiment, saying the study shows how distributed financial systems can be combined with traditional systems. Aufavre said this could also open up opportunities for other partnerships in the future, noting:
It also paves the way for other alliances to take advantage of the opportunities offered by financial assets in a blockchain environment.
Continuation of CBDC thematic experiments in Europe
The bank also noted that the study is part of an ongoing pilot program for CBDC that will start in early 2020. The investigation will continue until the middle of this year. During this period, tests will be conducted to see how other countries can implement blockchain-based currencies into their systems. If the experiment succeeds, the European CBDC could be introduced in the coming months.
The post Acceptance of cryptocurrencies: The post Banque de France announces successful CBDC test appeared first on Coin Insider.Banque de France, the central bank of France, has announced that they successfully completed the first cross-border payment between a bank and a blockchain-based (Cryptocurrency) financial institution. In a move that shows the growing power of blockchain technology, the bank was able to make a payment of 1.3 BTC to the bank of another country without the need to involve any intermediary institution.. Read more about bank of france xrp and let us know what you think.
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