March 28, 2024

Central Bank of France completed the first phase of testing digital euro

Central Bank of France completed the first phase of testing digital euro

The Bank of France announced the successful completion of the first stage of testing the digital euro. CBDC currency in the futurewill be used to make internal payments between organizations within the jurisdiction of the regulator.

Representatives of the bank noted that the coin, developed by experts, complies with safety requirements and legislative standards.

First Digital Euro Test Results

Integration of CBDC into the European banking systemwill happen gradually. The first tests of the asset were conducted in March, but then the regulator refrained from commenting on the results of the audit. Now its representatives said that all transactions with the coin went correctly and without problems.

The report talks about three user cases for users:

  • Payment with financial instruments,
  • Payment with instruments of other banks,
  • Payment with digital assets.

In early May, the Bank of France held its first salesSecurities for digital euro. Transactions could be carried out by several operators, including Societe Generale. Representatives of the regulator noted that in terms of security, the assets fully comply with the requirements, although there are certain shortcomings. All operations with the digital euro will be carried out exclusively using the centralized type of blockchain.

“The project focuses exclusively oninstitutional clients. Small users will not get access to assets. We are also going to improve the interbank transfers. Using a distributed registry will increase their speed several times. The sender and the recipient will be able to exchange not only assets, but also any accompanying documentation for transactions ”, - said in a statement by the French financial regulator.

During the digital euro check, specialistsused software from the company that won the competition on March 27th. Then the Bank of France suggested that young startups develop a utility for exchanging tokens on a centralized basis.

In the next few weeks, the regulator will holdchecking on other software created as part of a similar initiative. In the future, the bank intends to initiate CBDC tests for all regulators in the eurozone.

It was originally planned that digital eurowill become an analogue of Libra, which will not allow the coin of Mark Zuckerberg to fill the banking space. As a result, Facebook changed the project model and made the asset closed to the public, depriving it of support for the fiat basket.

The Bank of the Netherlands is also developing its own cryptocurrency. According to representatives from the regulator, their project will be announced shortly.

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