France's Central Bank Wants More Collaboration with Blockchain Startups
France’s central bank is opening up a new innovation lab, with an eye to collaborate with blockchain startups. In a speech given late last month by Banque de France governor Villeroy de Galhau and published today, the central bank indicated that it wants to widen its work with the tech. In December, central bank officials unveiled details of a digital identity trial which saw the institution work with public-private investment office Caisse des Dépôts et Consignations, Paris-based startup Labo Blockchain and a group of undisclosed domestic banks. That trial came months after the Banque de....
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The Bank of France has completed a central bank digital currency pilot for securities transactions in collaboration with Swiss crypto bank SEBA. The central bank of France — Banque de France — is continuing its work on the development of a European central bank digital currency (CBDC).On Monday the bank officially announced the successful completion of a CBDC experiment with major Switzerland-based cryptocurrency bank SEBA.Conducted in collaboration with SEBA, Banque Internationale à Luxembourg, and Luxembourg central securities depository LuxCSD, the experiment used a CBDC to simulate the....
The Banque de France has revealed that it is opening a blockchain innovation lab as it seeks to work more with blockchain startups. In a speech [PDF] presented by Banque de France governor Villeroy de Galhau last month at the Paris FinTech Forum, and published recently, the central bank explained that more work needs to be done with the blockchain. According to Galhau, ‘the digital revolution is creating challenges but also incredible opportunities that are just waiting to be seized, whether by FinTechs themselves, by the entire financial system or by the French and European economy as a....
France’s central bank has released a new report on financial stability in an era of digitization that multiple times touches on virtual currencies and blockchain technology. The report notes that the Banque de France is conducting its own research into the topic in cooperation with the Financial Stability Board (FSB), a body of central bank governors and government officials from the G-20 group of nations. The FSB highlighted its work in the area in February, and more recently, has been looking at the technology through the lens of financial innovation. According to a loose translation of....
France’s central bank quietly released new details about its work with blockchain last week. The Banque de France said on Friday that it had tested the tech for hypothetical use in the management of SEPA Credit Identifiers, or identification markers used to establish the identity of creditors within the Single Euro Payments Area. The trial marks its first publicly acknowledged blockchain trial. According to the central bank, one of the key participants in the trial was the Caisse des Dépôts et Consignations, a public-sector organization that acts as a kind of investor on behalf of the....
Bank of France, the Swiss National Bank (SNB), and the Bank for International Settlements have successfully tested the application of wholesale central bank digital currency in cross-border payments. The project used distributed ledger technology and was realized with help from private firms.
France and Switzerland Explore Direct Transfer of Euro, Swiss Franc Wholesale Digital Currencies
An experiment carried out by the monetary authorities of France, Switzerland and the Bank for International Settlements (BIS) has indicated that central bank digital currencies (CBDCs) can be....