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France Establishes Team of Crypto and Tech Providers to Begin Testing a Central Bank Digital Currency

By Jamie Green – Cryptocurrency Specialist

The French Central Bank has chosen 8 candidates to participate as part of a pilot for the implementation of a Central Bank Digital Currency (CBDC) for interbank settlement. The project will address interbank settlements and includes multiple blockchain start-up firms such as Seba Bank and LiquidShare, as well as Sosiete Generale, HSBC, Iznes, ProsperUS, Euroclear and Accenture.

The Banque de France have began exploring the possible benefits of new and emerging blockchain technologies as, in recent months, they have seen an increase in Bitcoin investing. Particularly focusing on interbank settlements, their move towards a CBDC will aim to enhance the functioning of cryptocurrency trading markets, as well as other alternative asset classes.

For the initiation of the project, the Banque de France in mid-May successfully tested the use of a blockchain network developed by their team. This pilot was used to experiment with the integration of a CBDC to finalise a digital financial securities matter by Société Générale Forge.

The tests will examine innovative methods of exchanging financial instruments for central bank funds. It will explore the regulatory guidelines surrounding those who buy and sell cryptocurrency in order to develop the ecosystem for cross-border payments.

The active response of applicants from multiple financial and blockchain tech businesses confirm a substantial level of interest in the research behind a central bank digital euro currency. The French Central Bank is outlining plans to begin working with each of the 8 participants over the next week in order to prepare further engineering experiments over the coming months. 

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