French central bank succeeded in testing digital Euro

Posted on June 23, 2020, 8:54 p.m.

The bank of France, in collaboration with the French financial institution Société Générale, tested the Central Bank Digital Currency (CBDC). In the middle of May, Société Générale issued €40 million of asset-backed bonds (covered bonds) as digital securities and settled in blockchain-based digital Euros.

According to an official statement from the bank of France, they succeeded in testing the settlement of digital securities issued by Société Générale using a blockchain to test the digital currency (CBDC) issued by the central bank.

In April, the bank of France launched an experimental program for digital Euro integration in the payment process of the interbank market. The program aims to investigate the feasibility of the Central Bank Digital Currency (CBDC) in traditional interbank market.

The central bank at that time was recruiting collaborators by showing three use cases:

  1. Payment by CBDC for delivery of listed and unlisted financial instruments.
  2. Payment for digital currency from another CBDC.
  3. Payment for digital assets defined in French Financial Law L.54-10-1.

In a statement on May 20, the bank of France said the results of these experiments will be an important factor of the contribution from the bank of France for the Euro system, which is composed of the central banks of the Euro area. The bank also has indicated its intention to continue experimenting with the digital Euro and has announced that it will collaborate with multiple companies to perform a number of tests within the next few weeks.

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