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The Bank of France is testing its CBDC –

The Bank of France processed $ 2.4 million worth of funds using the Central Bank’s Digital Currency System (CBDC). This happened in December as part of ongoing experiments with blockchain and stablecoin technology.

The Bank of France is experimenting in the field of blockchain

The Bank of France successfully piloted a central bank’s digital currency. These activities took place in December. As part of them, technology was used to settle shares in financial funds. The tests were conducted on a private blockchain platform.

The above news was not made public until today, January 19. It is also known that the pilot was launched on December 17 and concerned as much as EUR 2 million (USD 2.4 million). The money was expressed in “Simulated actions” purchased and sold by investors using CBDC.

The pilot was carried out using the distributed ledger technology provided by SETL – a British provider of regulated blockchain services, which also provided the stablecoin for research, which “played” the role of CBDC. The SETL IZNEZ registration platform was used to track the movements of fund units.

CBDC

CBDCs are centrally issued stablecoins created and supervised by banks in a given country. Unlike stablecoins, which are closer to cryptocurrencies like Dai (DAI), CBDCs are not decentralized entities. In other words, they are subordinate to central banks.

French experiments can be considered overdue anyway, because the People’s Bank of China is already carrying out much more advanced work on the digital yuan, which may appear on the market in the second half of the year.

On January 15, the chairman of the US Federal Reserve, Jerome Powell, told Yahoo Finance journalists that the creation of the CBDC – or the digital dollar – was a high priority for his country and necessary to combat the spread of what he called “Bad money from the private sector”. I think he referred to Diem Facebook.

A few days earlier, on January 11, China’s Agricultural Bank launched the first ATMs that are used to transfer digital yuan. The new version of the Chinese currency is already being tested on a living organism since the last quarter of 2020.

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