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Euroclear, the Belgian Financial Firm, recently led the latest French CBDC trial that involved a system by tech giant IBM. Further revealed, the Central Bank of France is continuing to explore a Central Bank Digital Currency actively while completing a notable trial of a CBDC based on blockchain in the debt market of the country.
Euroclear Leads First French Blockchain-based CBDC Trial
As reported by the leading market data updaters, more than 500 institutions based in France took part in an experiment with a duration of as long as 10 months involving the testing of a CBDC issued by Banque de France for government bond deals.
Euroclear led the CBDC trial and utilized a system developed by IBM, the American technology giant, along with involving the French public debt office alongside the Central Bank and a consortium of major financial firms operating in France. This included companies like HSBC, Credit Agricole CIB, and BNP Paribas.
The Executive of Euroclear, Isabelle Delorme, released a statement that said:
“We have together successfully been able to measure the inherent benefits of this technology, concluding that the central bank digital currencies can settle central bank money safely and securely.”
Central Bank of France Testing Various CBDC Use Cases
Following the launch of an experimental CBDC program in the month of March of the year 2020, the Central Bank of France has been constantly testing several CBDC use cases.
Back in the month of June, Banque de France tested a Central Bank Digital Currency in order to vitalize the settlement and delivery of listed securities in association with SEBA, the Swiss cryptocurrency bank.
In addition to this, it should be noted that earlier, the Central Bank of France led a CBDC in order to issue $2.4 million worth of stimulated shares utilizing a private blockchain platform.