France’s CBDC to Play Key Role in Digital Assets

The Central Bank of France has concluded its second round of tests on wholesale CBDCs and intends to implement them soon for cross-border payments. has launched its own crypto store has unveiled its crypto store, Crypto Emporium, enabling users to buy and sell real-world products using the EMT Token, the platform’s native currency. Join the EMT token pre-sale now to secure early EMT Tokens.
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The Central Government of France has granted approval for wholesome central bank digital currency (CBDCs) after conducting the second experiment. The decision comes after prolonged consideration, with a determination that CBDCs will enhance cross-border payments.

The Banque de France has released findings and lessons from the first and second tranches of its wholesale CBDC experimentation program, which began in March 2020 and included twelve trials.

France’s CBDC to Drive Digital Asset Adoption

The experiment’s results are part of the Eurosystem’s exploratory effort, initiated in April 2023, to investigate the settlement of wholesale financial transactions recorded on DLT platforms using central bank money.

The bank conducting the research stated that a wholesale CBDC would be crucial for native digital assets and tokenized assets categorized as unlisted financial assets, as it addresses their current settlement limitations.

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The policy takeaways from the report highlight that implementing a Wholesale CBDC alongside a Retail CBDC will enhance monetary stability and universality. It ensures stable value for central bank money in both retail and wholesale payments while simplifying the conversion of various private money types.

The Central Bank emphasized that prioritizing seamless data and transaction exchange between DLT-based and conventional infrastructures is crucial for ensuring the efficient functioning and compatibility of Wholesale CBDC systems.

Banque de France’s experiments demonstrated that a tokenized form of central bank money could enhance cross-border payments, settlement finality, and security for various financial assets, including government bonds and fund shares. A wholesale CBDC would play a critical role in facilitating settlement for unlisted financial assets like native digital assets and tokenized assets that are currently not supported by the existing TARGET Services.

CBDCs Gaining Traction Worldwide

Central banks worldwide are conducting CBDC experiments to enhance wholesale settlements, with the BIS leading various projects. India has already commenced similar testing, and the European Central Bank intends to start its experiments in 2024. The French central bank aims to support Europe’s exploratory efforts in the next stages of CBDC development.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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