El Banco de Francia transfirió 2 millones de euros a CBDC
A test translation of the national digital currency was carried out in France The experiment took place back in December, but a press release about the successful start of CBDC testing was published on January 19, 2020
The test launch was carried out in cooperation with CITIGROUP, IZNES and a number of other projects. Banco de France used blockchain to sell and buy two million euros. Preparations for the first transaction have been underway since March 2020.
The blockchain platform was provided by SETL, BDF and IZNES. During testing, CBDC tokens were issued and smart contracts for mutual settlements were created. The simulation process during the first transaction displayed the full effectiveness of this process.
The purchase of tokens was carried out by CITI and CACEIS. These commercial banks were purchasing tokens, allowing experimenters to replicate possible realities and workflows.
Despite the success, the experiment will continue until the summer of 2021. The bank wants to make sure that digital currency can increase the efficiency and flexibility of financial transactions, while increasing the security and availability of settlements.
CBDC news benefits the cryptocurrency space. This use of blockchain technology could further contribute to blockchain adoption and affect how people interact with digital assets.
This collaboration also provides data for participating companies that can motivate them to further develop technology for the benefit of the blockchain ecosystem.