Banque de France tested its own CBDC

While European central banks are busy developing their own CBDCs, Banque de France reported on testing a national stablecoin involving a 100 million euro digital bond.

It turned out that the two-year bond issued at the beginning of the week was a test by the digital currency of the French central bank. According to the representatives of the French bank, the calculations were made on the public Ethereum blockchain with the participation of the national token. The bond matures on April 28, 2023. Societe Generale, Goldman Sachs, and Santander took an active part in the sale.

As part of the test, a special smart contract was developed and deployed under secure conditions in order for the Central Bank of France to be able to manage the process of circulation of stablecoins. It was also necessary to ensure that the transfer of CBDC was carried out simultaneously with the delivery of tokenized securities to the portfolio of investors. In the future, the bank intends to conduct several more stablecoin experiments to assess the use of CBDC in the context of interbank settlements.

Members of the crypto community, in turn, noted that Ethereum reacted positively to the news of testing the French national token on its blockchain and rose to 2,760 on the Binance crypto exchange.

Despite all the optimism around ETH, the wait before the implementation of the digital euro may take longer than the European authorities originally anticipated. In addition, the President of the European Central Bank said that the main task in the development of the digital euro, they see it as maximum security. Christine Lagarde announced this in January, adding that they expect a development period of no more than five years.

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