Banque du France tests CBDC
At the recent Paris Blockchain Week Summit, Banque du France First Deputy Chairman Denis Beau spoke about the progress of testing the digital euro
There are a huge number of factors to consider when testing CBDC, he said. This affects the effectiveness of research and makes the results obtained more reliable.
About the CBDC testing procedure
The French bank is studying the processes of clearing and settlement using digital currency. There are already first results. According to Denis Beau, tokenization makes cross-border payments fast and secure.
It also reduces the uncertainty associated with the lack of AML checks. Financial institutions know for sure that they are not involved in money laundering.
Now you need to make sure that the digital dollar has no hidden risks, negative traits, or side effects. This task will be solved over the coming months.
Denis Beau also emphasizes that this is only about tests, but not about a pilot deployment, as China did. And yet this is already a success for the cryptosphere.
Pros of CBDC
According to a bank representative, digital currencies are beneficial by improving the quality of services provided to the population. CBDCs help vulnerable groups of the population more conveniently and easier to access the financial system, to be serviced at any time.
This applies not only to the population, but also to small businesses and households. The work of these users with digital money accelerates economic development, ensures financial stability and monetary sovereignty. In short, a lot of advantages.