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A digital euro has just been successfully tested at the Bank of France

May 20, 2020

According to an announcement by the Bank of France on May 20 France is the first country to successfully test a digital euro and work with a blockchain.for a demand for new technologies to support this development in late March.

The bank tested a sale of central bank digital currency (CBDC) securities on May 14This signals the beginning of stronger evidence.

A wholesale CBDC instead of a retail CBDC

Although the bank’s announcement didn’t go into detail, He pointed out that the current pilot program focuses on wholesale rather than retail for a digital euro. Retail CBDCs would be open to regular Bitcoin or Apple Pay consumers.

A digital euro has just been successfully tested at the Bank of France
A digital euro has just been successfully tested at the Bank of France

A CBDC in wholesale would be in the area of ​​banks and institutional actors, as the French central bank says: “Interbank regulations”.

This recent pilot project for a securities issue in exchange for a digital euro was based on software that was received after the bank’s call for applications on March 27or. According to today’s announcement, the bank will be testing similar files over the next few weeks for other files received under the same initiative.

France and the urge for a digital euro

The Bank of France is known to be particularly active in developing a digital euro. Until the UK is withdrawn, France will be the second largest economy in the euro area after Germany.