April 21, 2021

Bank of France successfully tests digital euro

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 conducted in conjunction with Frenchthe financial conglomerate Societe Generale, which, under 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 experiment were implemented on the blockchain infrastructure.

After completing the tests, the Central Bank announced that it plans to conduct additional tests with other participants as part of the pilot project. financial market in the next few weeks.

The results of these experiments should be important.the 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 a representativeECB Jens Weidman encourages European banks to develop a cheaper and faster payment solution for consumers that can compete with private projects.