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The Bank of France has completed a pilot program for a CBDC (fundamental bank-issued cryptocurrency) in collaboration with the Swiss Bank SEBA.
At the exact same time, the bank also said it is active in the creation of this European Central Bank’s electronic money.
On June 21, the Central Bank of France — Banque p France — made an official statement about the successful trial of a CBDC with SEBA, a significant cryptocurrency bank based in Switzerland.
With the aid of SEBA, BIL Bank (Banque Interationale à Luxembourg) and the Luxembourg Securities Depository, LuxCSD analyzed using CBDCs to simulate the payment and distribution of tokens on TARGET2-Securities. (T25), a European securities settlement tool. Accordingly, SEBA purchased securities from BIL with post-trade settlement managed by LuxCSD.
Nathalie Aufauvre, General Manager of Financial Stability in Banque p France, stated that the newest CBDC trial demonstrated the interoperability of traditional infrastructure with distributed infrastructure.
“At the same time, it also paves the way for other alliances to benefit from the opportunities to offer financial assets in a blockchain environment.” — Mr. Nathalie Aufauvre said.
The bank also added that this powerful trial is simply part of a large scale CBDC pilot program found in March 2020. The pilot programs will last until mid-2021. After that, the Banque p France will contribute their findings within another conference on reflections, according to the announcement on June 21. Advantages of CBDC into the European system.
In the not too distant future, the Bank of France and the Central Bank of Switzerland will work together to run a new CBDC trial.
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