Banque de France has selected eight potential candidates to test the integration of a CBDC for interbank business. This is clear from the announcement released today.
The list of admitted participants contains Giants like Accenture, HSBC and Societe Generale, as well as smaller players focused on crypto like Seba Bank and LiquidShare.
The announcement follows the Central Bank’s call for applications Experiment with a digital euro which he released in March. At that time, the institution said who would select a maximum of 10 CBDC related applications the existence “innovative nature” one of the main selection criteria.
Now the French central bank will work with each of the eight players on their proposed experiments “in the coming months”. with the aim of exploring “New methods for the exchange of financial instruments”. The pilot projects will also try to establish themselves how CBDCs can be distributed and used for cross-border payments.
It should be noted that the The Banque de France appears to be examining use in wholesale rather than retail for a digital euro, which means that the CBDC must be designed for “interbank rules” rather than for consumer purposes.
France’s push for the digital euro
France has been at the forefront of European CBDC experiments. It became the first country in May for successfully testing a digital euro in a blockchain as part of their ongoing project Societe Generale.
Although it is unclear whether France’s CBDC experiments will ever be carried out at EU level, The central bank was recently chosen to represent together with the Deutsche Bundesbank to the Eurosystem as part of “BIS Innovation Center” global network of Bank for International Settlements.