Bank of France chooses eight financial institutions for CBDC experiments

  • The Bank of France has selected eight financial institutions as part of a series of tests for its CBDC experiments. 
  • Each selected candidate proposed experiments that will test CBDC suitability in settling financial asset transactions.
  • Similar trials are ongoing in other EU member countries like Sweden, Germany and the Netherlands.

The Bank of France has chosen eight financial institutions as part of a series of tests for its central bank digital currency (CBDC) experiments, according to a recent communique. The participants have been selected from a pool of applications received in May. 

The participants of the experiments include Seba Bank, Societe Generale, ProsperUS, HSBC, Accenture, Euroclear, Iznes and LiquidShare. Bank of France noted that each selected candidate proposed experiments, which will test CBDC suitability in settling financial asset transactions. The participants have also suggested channels for developing CBDC cross-border transfer corridors and the efficient distribution of a future sovereign digital currency. 

A spokesperson from the Bank of Finance said: 

The lessons learned from these experiments will constitute a direct contribution to the more global reflection conducted by the Eurosystem on the benefits of a central bank digital currency. These experiments also illustrate the Banque de France’s commitment to innovation.

Other EU member countries like Sweden, Germany and the Netherlands are also conducting similar CBDC experiments. In related news, China is actively pushing its digital currency electronic payment (DCEP) solution for international transactions. Other than the US and the EU, China seems to be the only economic entity capable of issuing an internationally recognized sovereign digital currency project.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Fundamentals grow strong despite crypto market-wide correction

The cryptocurrency market is dealing with a broad-based correction that has been attributed to Bitcoin's rebuff from the record high of $58,000 in February.

More Bitcoin News

XLM on the brink of a 35% move according to key indicator

Stellar has been trading relatively sideways for the past week while volatility dropped significantly. The digital asset is contained inside a symmetrical triangle pattern which is on the verge of bursting.

More Stellar Lumens News

DOGE on the brink of 37% downswing despite Mavericks' support

Dogecoin was the hottest topic in the cryptocurrency industry in February. It was mentioned on Twitter a lot more than Bitcoin while enjoying Tesla founder Elon Musk's support. 

More Dogecoin News

ADA ready to resume uptrend towards $2

Cardano price showed signs of a recovery as bulls managed to keep ADA above a critical support barrier. Now, a reversal in momentum could put the so-called “Ethereum killer” back on track to $2.

More Cardano News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast