(FT) A consortium of France’s largest banks, public debt office, and the central bank have been conducting trials of a digital currency for ten months in a series of bond transactions.
The trials of a digital currency were part of a scheme initiated by Banque de France in March last year, with the deals posted in a digital ledger. The participating institutions included HSBC, BNP Paribas, Credit Agricole CIB, and Société Générale.
The pilot tested the usefulness of a central bank currency in activities such as issuing new bonds, repurchase agreements and redeeming coupons.
Deputy CEO of Euroclear France Isabelle Delorme says the consortium concluded that central bank digital currency could be useful in settling central bank money securely and safely.
France’s trials of a digital currency come as global regulators call central banks to act in the growing digital currency space this year. Central banks are concerned about losing the monetary authority if they let crypto issuance and payments be conducted by the private sector.
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