France Trials Blockchain-Based Digital Currency | Read More

One of the major news on the cryptocurrency market is France’s launch of approximately five hundred transactions using its in-house digital currency based on blockchain technology.

The usage of the CBDC in various markets is going through the ten-month trial stage. It is one of the largest central bank digital currency projects in the European Union.

The central bank tests the mechanisms of its digital currency

The pilot period allows the Banque de France – the country’s national financial institution – to trial the usage of its blockchain-based digital currency in various sectors. This time, the bank has tested the currency for the bond market.

The central bank also involved other participants from the financial vertical to test the solution. The transactions were made in the system developed by the US technology giant – IBM. It is known that the biggest French banks have taken part in the testing process, including Crédit Agricole CIB, BNP Paribas, Societe Generale.

The Banque de France’s test allows it to assess all the possible risks connected with the CBDC and understand how it can be used for various purposes.

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