Banque de France and SocGen test digital euro


Banque de France and SocGen test digital euro

The Banque de France and Societe Generale have tested the use of a blockchain platform to settle a transaction with a central bank digital currency.

Who will lead the charge to launch Digital Euros

The Banque De France with Société Generali (SG) have started tests on using a Digital Euro recently with SG depositing €40million of bonds and the Banque De France settled and paid for them using a Digital Euro. The objective is find find away to improve the efficiency of transactions and payments between institutions. The current systems are thought to be able to be changed to be more automated more secure and faster.
The French bank asked institutions who were interested in being involved in looking at a DigitalEuro a to contact them in April 2020 and have been encouraged by the number of companies that contacted them. The head of France’s Central Bank Francois Villeroy, said “the Digital Euro will be used between banks initially as a digital currency for the retail market would be subject to special vigilance”
However, French may face competition from the Dutch who are also looking at launching a Digital Euro as they claim only 1/3 of transactions in Holland are in cash.The Dutch central bank have published a report citing the potential threat from Facebook’s Libra unless governments offer a digital alternative.
Will this recent activity spur on the German as seven months ago the Association of German Banks published its position ( digital currency, saying a ‘crypto-based digital Euro’ should be launched.
It would appear that momentum is gathering to issue a Digital Euro who will lead the charge and how coordinated and interoperable will it be across the EU? Watch this space for more updates!

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Interest in bitcoin and other cryptocurrencies may be surging, but central banks don’t want to be left behind by financial innovation. In fact, more than 80% are examining how to launch digital versions of their own currencies. CNBC’s Joumanna Bercetche takes a look at why these cautious institutions may soon be launching a revolution in how we think about money.


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