Seeing the potential of technology blockchain, several central banks around the world are thinking about their own digital currencies. Some countries have accelerated work on this technology after Facebook announced its plans for the global digital currency Libra in June 2019, but only some of them have taken real action in this direction. France has just successfully tested its central bank currency CBDCA – digital euro.
France will continue testing
According official announcement of May 20, issued by Banque de France, France became the first country to successfully test digital euros based on blockchain technology. The Central Bank of France confirmed that on May 14, it conducted a test by issuing bonds in the form of security tokens, and then settled them in digital euros. In the announcement we can read:
“From the beginning of the year, the Banque de France began experimental activities related to the digital currency of the central bank, aimed at examining the potential impact of new technologies on improving the functioning of financial markets, and in particular interbank regulations. “
In the coming weeks, the bank will cooperate with other entities to carry out more thorough tests. They will also be tests in the field of “interbank regulations”.
CBDC – the currency of the future
Many countries are trying to explore the potential uses of Central Bank digital currencies (CBDC) in their jurisdictions. China was the first country to announce its plans, though details about the design and intended use of the digital yuan are still a mystery.
FROM published last year by the Bank for International Settlements survey on digital currencies, it appears that 70% of the central banks that took part in the survey are currently or will soon be involved in the work on the CBDC.
At the end of last year, the head of the Central Bank of France – François Villeroy de Galhau He declaredthat he would like France to be a leader in the field of digital currencies and to benefit from them as much as possible.
And what do you think about central bank currencies? Is it a technology of the future that can introduce innovative changes in financial systems or is it associated with more potential threats than benefits?