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France’s central bank successfully explores first CBDC test

Date:2024-04-26 18:20:45 Channel:Exchange Read:
In the field of financial technology, exploring the infinite possibilities of digital currency has always been a hot topic that central banks of various countries are competing to discuss. Recently, the Bank of France successfully conducted its first CBDC test, which attracted widespread attention and heated discussions. This move not only demonstrates the French central bank’s leading position in the field of digital currency, but also points the way for other central banks around the world to explore the road to CBDC.
The first test of the Bank of France’s CBDC has attracted the attention of the industry. As one of Europe's major economies, France has always been at the forefront of financial innovation and regulation. The successful holding of this CBDC test not only marks the Bank of France’s ambitions in the field of digital currency, but also demonstrates its positive attitude towards the development of financial technology and its courage to make breakthroughs.
CBDC, or central bank digital currency, is a digital form of currency issued by the central bank and has legal tender status. Compared with traditional currencies, the issuance and circulation of CBDC are more convenient and efficient, and can bring new changes to the financial system. The successful exploration of CBDC by the Bank of France not only provides new ideas for the upgrading of the French financial system, but also provides valuable experience for global central banks to explore in the field of digital currency.
In the CBDC test, the Bank of France adopted advanced blockchain technology and smart contracts to ensure the security and traceability of the digital currency. The use of this kind of technical means not only improves the experience of using CBDC, but also lays a solid foundation for the future development of central bank digital currency. Through this test, the Bank of France demonstrated its strength and forward-thinking in financial technology innovation.
In addition to innovation in technical means, the Bank of France also focused on cooperation with financial institutions and regulatory authorities in the CBDC test. This multi-party cooperation model is not only conducive to the integration of CBDC in the financial system, but also provides strong support for the supervision and risk control of digital currencies. By cooperating with all parties, the Bank of France has demonstrated its openness and inclusiveness in exploring the field of digital currency.
The path of CBDC exploration is full of challenges and opportunities. Through this successful test, the Bank of France pointed out the direction for the future development of CBDC and provided valuable experience for global central banks to explore in the field of digital currency. With the continuous development and innovation of financial technology, CBDC will surely become an important part of the future financial system, and this move by the Bank of France will lay a solid foundation for the popularization and application of digital currency.
In the era of digital currency, the Bank of France’s CBDC exploration is undoubtedly a milestone. This is not only an innovation of the traditional financial system, but also an exploration of the future development of financial technology. With the gradual popularization and application of CBDC, digital currency will bring more convenience to people's lives and will also inject new vitality into the stability and development of the financial system. The Bank of France’s successful exploration on the road to CBDC will surely become an important page in the history of financial technology and open up a new chapter for the development of global digital currency.
In this era of change and innovation, the first test of CBDC by the Bank of France is undoubtedly a highlight in the fintech field. This is not only a challenge to the traditional financial system, but also a guide for future financial development. With the continuous development and improvement of CBDC, digital currency will become a dark horse in the financial field, subverting traditional financial concepts and leading the future development direction of financial technology. The Bank of France’s successful exploration on the road to CBDC will surely inject vitality into the development of global financial technology and create a new chapter in the digital currency era.

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The Banque de France, which has long been active in developing central bank digital currency (CBDC)
France) issued a statement on May 20 stating that France has become the first country to successfully test the "digital euro" on the blockchain. Officials stated that relevant departments have successfully conducted securities sales through central bank digital currency (CBDC) on May 14 and will begin to expand the scope of testing.

Although the announcement did not disclose more details of the experiment, the Bank of France stated that the current "digital euro" pilot project focuses on exploring "wholesale use" rather than "retail use" for the general public and major merchants. It is worth noting that wholesale CBDC
Its main function is usually to act as a medium for "inter-bank settlement", so the participants are mostly commercial banks and large financial institutions.

In fact, Blockchain reported in December last year that François Villeroy de France, President of the Bank of France
Galhau announced that it will begin testing a central bank digital currency (CBDC) that can be used across the EU before the end of the first quarter of 2020, calling it the "Digital Euro Project." It was reported at the time that this digital euro pilot project would only target private financial sector participants and would not involve personal retail payments.

In March this year, the Bank of France launched the preparatory work for the experimental project as scheduled, and openly recruited private industry players to study and explore the "digital euro" for inter-bank settlement. After nearly two months, the Bank of France now has another good news, saying that this successful test of using the "digital euro" to sell securities was actually an application received after the initial public call for applications.

According to a recent announcement, the Bank of France stated that it plans to conduct similar tests on the concept plans of nine other groups of contributors in the next few weeks.

It is worth noting that although the Bank of France announced the completion of the first test, this does not mean that the authorities have finalized any plans for the issuance of digital currencies. “The purpose of the experiment is only to promote a broader discussion within the Eurosystem and to discuss whether to establish a CBDC.”
And make a decision as soon as possible.”

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