Bank of France Launches Experimental Program on CBDC

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Bank of France Launches Experimental Program on CBDC

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  • In a document released on Monday by the Bank of France, the central bank is launching an experimental program on digital currencies.

The Bank of France is planning on exploring the practicality of introducing its own Central Bank Digital Currency, the digital euro for inter-bank transactions. In a document released on 30 March, the bank is calling for applications to be part of an experimental program to investigate the use of the digital Euro. The document stated:

“The aim is to explore the potentialities offered by the technology, and to identify concrete cases integrating central bank digital currency (CBDC) in innovative procedures for the clearing and settlement of tokenized financial assets.”

The document further stated that the purpose of the introduction of the digitized national currency was to identify the various economic benefits as well as their potential use cases. Moreover, the bank is also inspecting how cryptocurrencies such as Ethereum and Ripple could be used to tokenize central bank digital currencies. The document states how the CBDC could be used to carry out end to end transactions using assets that are tokenized on blockchain.

The experimental program will select a maximum of 10 applications and the deadline to apply is 15 May, 2020.

 

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