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2020/05/22 10:45:46

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2020: France began to test digital euro

In the middle of May, 2020 the French central bank carried out primary tests of digital euro during the experiments with digital currency.

Testing took place on May 14. In its framework the Bank of France used the technology of a blockchain developed by own command for creation of the digital securities representing euro. The Societe Generale investment bank also took part in tests.

] The French central bank carried out primary tests of digital euro during the experiments with digital currency
Since the beginning of year the Bank of France investigated a possibility of implementation of digital currency of the central bank and prepared the tests with partners aimed at studying of a potential contribution of new technologies to functioning of financial markets and, in particular, interbank regulation, the press release says.

In December, 2019 the managing director of Bank of France of François Villeroy de Galhau promised that regulators will begin experiments with digital currency until the end of the first quarter 2020. It is remarkable that the Central Bank did not insist on application of a blockchain as basic technology of digital euro.

We intend to begin quickly experiments and to announce competition on projects (for players from the private sector) by the end of the first quarter 2020, - explained then Villera de Galaou. Digital euro will be used originally between banks, but not normal citizens.

The pilot program will become a contribution of Bank of France to more extensive discussion in the EU in the relations of transition to digital currency. These tests are not intended for continuation on a long-term basis or broad application by the Central Bank, it is specified in the document published by Bank of France.

Nevertheless the Bank of France noted that in the next several weeks it is going to make additional experiments. In particular, it will test a possibility of sending digital euro between banks, the press release says.[1]


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