Home Coins Libra (LIBRA) CBDC: Bank of France reveals interbank settlement testing results

CBDC: Bank of France reveals interbank settlement testing results

- Advertisement - IQ Option CPA

AliExpress WW

TL;DR Breakdown

  • French Central Bank releases results of CBDC testing.
  • Central banks across the world have begun massively working on their national digital currency.

The French Central Bank has released its central bank digital currency (CBDC) testing it carried out last month. The test, which used a blockchain developed by a startup in the United Kingdom, SETL, involved two million euros worth of shares that were settled on it.

While the French apex bank depended on IZNES for subscription and redemption of the fund, the bank also used smart contracts to manage the supply and circulation of the Digital Euro.

SETL, on the other hand, provided support for the facilitation of the CBDC stablecoin. Financial institutions like Citi, Groupama AM, CACEIS, and other major institutions were involved in the funds’ first settlement through CBDC. 

According to the bank’s statement, more trials would be conducted on the project, and the lessons from these tests would be incorporated into further research on CBDC. A blockchain-based digital currency would help facilitate instant settlement, and as such, the primary uses of the currencies would be to trade.

The French Central bank also mentioned that the project would, in the long run, contribute to the proper functioning of a real economy.

Countries are stepping up their CBDC projects

Central banks across the world have begun to step up on their CBDC project in recent times.

Authorities in China have already begun testing their Digital Yuan’s efficiency with new ATMs that support the digital asset. The government has also started running a second test on the asset. A first test was carried out in October 2020, where the $3 million worth of the asset was shared to 100,000 residents in a lottery scheme.

European Central Bank (ECB) has also accelerated works on the project. It has been advised by the ministers of Finance of Germany and France to avoid the entrance of institutions like Facebook into the European digital currency industry.

AliExpress WW

Source

- Advertisement - IQ Option CPA
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
469FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,558FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.21
GBP
1.40
CHF
1.09
NOK
0.12
JPY
0.01
CAD
0.79
AUD
0.78

Most Popular

bitcoin
Bitcoin (BTC) $ 51,803.00
ethereum
Ethereum (ETH) $ 1,621.49
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 543.25
litecoin
Litecoin (LTC) $ 191.98
eos
EOS (EOS) $ 3.93
okb
OKB (OKB) $ 17.74
tezos
Tezos (XTZ) $ 3.93
leo-token
LEO Token (LEO) $ 2.00
cardano
Cardano (ADA) $ 1.25
monero
Monero (XMR) $ 221.06
stellar
Stellar (XLM) $ 0.429406
chainlink
Chainlink (LINK) $ 30.68
huobi-token
Huobi Token (HT) $ 15.64
tron
TRON (TRX) $ 0.049062
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 229.67
neo
NEO (NEO) $ 40.49
iota
IOTA (MIOTA) $ 1.23
nem
NEM (XEM) $ 0.788232
zcash
Zcash (ZEC) $ 127.59
maker
Maker (MKR) $ 2,321.09
paxos-standard
Paxos Standard (PAX) $ 0.999490
ethereum-classic
Ethereum Classic (ETC) $ 11.50
vechain
VeChain (VET) $ 0.047825
true-usd
TrueUSD (TUSD) $ 0.995238
ftx-token
FTX Token (FTT) $ 32.38
kucoin-shares
KuCoin Token (KCS) $ 4.84
waves
Waves (WAVES) $ 9.86