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France announces the first successful test with a digital Euro

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The French central bank has completed a test of a blockchain-based digital euro. The test is part of his ongoing experiments with a central bank digital currency.

In the test, Banque de France used blockchain technology – developed internally – to create digital bonds representing the euro. The investment bank Societe Generale participated in the test, which was completed on May 14.

“Since the beginning of the year, Banque de France has taken an experimental approach to the central bank's digital currency, with the aim of exploring with partners the possible contributions of new technologies to improve the functioning of financial markets and, more particularly, regulations interbank (hence called "wholesale" digital currency from the central bank), "said a press release.

In the coming weeks, the French central bank will continue to carry out further experiments. This will involve sending the digital euro between banks, according to the press release.

In December 2019, French central bank president François Villeroy de Galhau said he wanted France to be the first country to issue a digital currency.

“We intend to start testing and launching projects (for private sector participants) by the end of the first quarter of 2020”, explained François Villeroy de Galhau, at the time. The digital euro will initially be used between banks, and not by ordinary citizens. Villeroy added that a digital currency for retail customers “would be subject to special regulation”.

Other countries, including China and the Marshall Islands, are also developing their own digital currencies.

* Translated and republished with authorization from Decrypt.co


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