The Bank of France has presented a list of companies selected to start their experiments around the “Central Bank Digital Currency” (CBDC).
🗞️[Communiqué] À l’issue du dépouillement des dossiers reçus le 15 mai dernier en réponse à l’appel à candidature pour des expérimentations de #monnaie #digitale de banque centrale, découvrez la liste des 8⃣ candidatures retenues 👉 https://t.co/VTMfBI3JUI #MDBC #Blockchain pic.twitter.com/IyB8OfZsAJ
– Banque de France (@banquedefrance) July 20, 2020
Eight companies will join the experiment
The Bank of France published this morning on its website a list of eight entities selected to participate in the central bank project on the digital currency in interbank settlements.
Selected companies are:
- Accenture (international consulting company);
- Euroclear (the largest investment settlement / delivery system in the world);
- HSBC (British multinational investment bank);
- Iznes (a blockchain company dealing with records);
- LiquidShare (fintech focused on security tokens);
- ProsperUS (digital trading platform);
- SEBA Bank AG (Swiss cryptocurrency friendly bank);
- Société Générale – Forge (a subsidiary of Société Générale that sells security tokens).
What will the Bank of France experiment consist in?
According to the official press release, candidates will have to start working on:
- Searching for new methods of exchanging financial instruments (excluding cryptographic assets) for central bank money;
- Testing the digital currency settlements of the central bank to improve the conditions for making cross-border payments
- Establishing the principles for central bank money transfer.
The experiment is focused on digital investment agreements and interbank settlements.
The Central Bank also stated that the call for applications was a real success.
“The strong mobilization around this call for proposals demonstrates the interest of financial and technology sector entities in this approach, aimed at examining the potential contribution of the digital currency issued by the central bank to improving the functioning of financial markets, in particular interbank settlements. “
In addition, the Bank of France recalls that it was recently elected (together with Deutsche Bundesbank and ECB) to host a new innovation center for the Bank for International Settlements.
While France appears to be leading the international CBDC race, several countries in the eurozone are still trying to become pioneers. In Italy, the Italian Association of Bankers (ABI) has developed a set of guidelines for the emerging CBDC. In the meantime, the Dutch central bank has offered to be a “testing ground” for the digital euro.