Thursday, February 4

Financial institution of France settles $2.4 M fund in central bank electronic currency pilot

The Bank of France successfully piloted a reserve bank digital currency– or CBDC– experiment in December, utilizing the technology to settle financial fund shares on a private blockchain platform for the very first time.
As revealed by Le Banque de France on Jan. 19, the pilot commenced on Dec. 17, and saw 2 million euros ($ 2.4 million) worth of simulated shares acquired and sold by investors using a CBDC.
The pilot accompanied dispersed ledger innovation offered by SETL– a UK-based regulated blockchain services company, which likewise provided the CBDC stablecoin. SETLs IZNEZ record-keeping platform was used to track fund unit motions.
CBDCs are centrally-issued stablecoins produced and managed by the banks of a provided nation. Unlike cryptocurrency stablecoins such as Dai (DAI), CBDCs make no effort at decentralization and are instead created with top-down oversight in mind.
The pressure on national governments and banking organizations to remain ahead of the spread of cryptocurrency stablecoins was on full screen last week. On Jan. 15, Chairman of the United States Federal Reserve, Jerome Powell, informed recruiters on Yahoo Finance that the production of CBDCs was a “high priority”, and needed to fight the spread of what he termed “bad economic sector cash”.
On Jan. 11, the Agricultural Bank of China released the first ATMs onto the streets of its Shenzen area for the transfer of digital yuan– Chinas own CBDC, which pundits predict might be the very first of the nationwide digital currencies to come to fulfillment.
In Tuesdays announcement, the Bank of France said the development of a CBDC was a crucial step in being able to carry out instantaneous transactions while keeping complete track of what goes where. The statement mentioned:
” From a technological point of view, the experiment needed the development and implementation of clever agreements so that the Banque de France can control the blood circulation and issue of CBDC tokens which their transfer occurs concurrently with the shipment of the tokens of fund shares in the financiers portfolio.”
Several other blockchain screening programs are obviously underway at the Bank of France, with some expected to run until mid-2021.
Title: Bank of France settles $2.4 M fund in main bank digital currency pilot
Sourced From: cointelegraph.com/news/bank-of-france-settles-2-4m-fund-in-central-bank-digital-currency-pilot
Released Date: Tue, 19 Jan 2021 11:37:23 +0000 adminhttps:// www.medianews.ca/2021/01/19/bank-of-france-settles-2-4-m-fund-in-central-bank-digital-currency-pilot/Did you miss our previous short article … https://eglcanada.ca/3-reasons-ethereum-has-been-climbing-faster-than-bitcoin-cost-in-2021/

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Leave a Reply

Your email address will not be published. Required fields are marked *

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together