April 17, 2021

France has identified companies that will create digital Euro

France has identified companies that will create digital Euro

The French Central Bank has selected eight potential partners to conduct research around digital Euro.

The Banque de France, announced the selection of partners with whom it will study the central bank digital currency (CBDC).

The financial regulator announced this on its official website.

According to the published announcement, amongpartners include the British investment bank HSBC, the Irish consulting company Accenture, the Swiss bank Seba Bank, the Belgian fintech company Euroclear, the Iznes blockchain service, the LiquidShare blockchain-based post-trading infrastructure for small and medium-sized enterprises, the ProsperUS digital transaction platform, and the blockchain -service of the French investment bank Société Générale Forge.

The above companies were selected on the basis of proposals from representatives of business and society, the Central Bank of France notes.

So far, France's chief financial regulator has notis in a hurry to take directly to the development of digital currency, and together with the selected companies will focus exclusively on the study of new methods of exchanging financial instruments.

First of its kind

In May, the Banque de France already became the first European central bank to experiment with the circulation of the digital euro.

Then, with the support of the investment bank Societe Generale, the French central bank was able to sell securities using the digital euro on the blockchain system created for this.

Now the Central Bank wants to check the CBDC regulations to improve the execution of cross-border payments, as well as revise the methods to ensure the availability of money.

The data obtained from the research will be a “direct contribution” to the basis for the digital euro, according to the announcement.

Digital currencies in Russia

In Russia, despite the skepticism about "monetary surrogates", including cryptocurrencies, they closely follow the development of their colleagues in the field of digital tokens.

However, this does not mean that the position of Russia is rather wait-and-see than categorical.

In November 2019, the Bank of Russia expressed itself strictlyagainst the legalization of blockchain-based digital tokens, since the free movement of virtual assets in the country can undermine financial stability by replacing public money.

Nevertheless, Russia intends to finally settle the issue with digital assets and currencies in the near future.

Mining-cryptocurrency edition.ru earlier reported that the law on digital currency in Russia, according to the statement of the chairman of the Committee of the Chamber on the Financial Market Anatoly Aksakov, could be adopted already in the autumn session.


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