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Banque de France is France’s central bank. The bank is continuing its work on the development of the European Central Bank digital currency. On Monday, the Banque bank officially announced the successful completion of the experiment with SEBA, a major Switzerland-based cryptocurrency bank.
Digital Currency Pilot
Moreover, the bank has completed a central bank digital currency pilot for securities transactions. The experiment conducted in collaboration with SEBA, Banque International, a Luxembourg and Luxembourg Central securities depository LuxCSD.
CBCD
In the experiment, they used CBDC to stimulate the settlement and delivery of listed securities on TARGET2-Securities T25, a European securities settlement engine. In addition, SEBA purchased securities from Banque International, a Luxembourg with a post-trade settlement managed by LuxCSD.
ECB Official
According to an ECB official, digital Euro offers better privacy protection than private Stablecoins. Nathalie Aufauvre is the general director of financial stability and operations at Banque de France. He said that the latest CBDC test demonstrated the possibilities for conventional finance systems and distributed systems to interact.
Other Alliances
It is also paving way for other alliances to benefit from the opportunities financial assets offer in a blockchain environment. The bank also noted that the new CBDC test is a part of an experimental CBDC program launched in March 2020.
Integration
The purpose of the test is integration for the settlements. The program’s other experiments will continue till mid-2021. Moreover, other Central banks in Europe are also testing the validity of the CBDCs.