Central Bank of France CBDC Experiment Program Application Closes Today
Summary
- Applications for Bank of France’s experimental CBDC program close today.
The Bank of France announced earlier this year of a new program that would explore the potential of CBDC. This comes as the Governor of the Bank of France has drawn interest in a Central bank digital currency (CBDC).
The creation of a central bank digital currency (CBDC) […] is neither a precondition for nor a guarantee of more efficient payments. However, we as central banks must and want to take up this call for innovation at a time when private initiatives – especially payments between financial players – and technologies are accelerating, and public and political demand is increasing. Other countries have paved the way; it is now up to us to play our part, both ambitiously and methodically.“
François Villeroy de Galhau, Governor of the Banque de France (December 4th, 2019)
The new program by the Bank of France would explore potential CBDC use cases and innovations in the payment space. The bank will accept up to 10 total applications and provide chosen projects with resources.
The aim is to explore the potentialities offered by this technology, and to identify concrete cases integrating Central Bank Digital Currencies in innovative procedures for the clearing and settlement of tokenised financial assets.
Bank of France
According to the bank’s page, the submission deadlines concludes today, with interviews commencing in June. However, it is unclear if COVID-19 has affected published dates.
Central Bank Digital Currency
A central bank digital currency is a central bank-issued digital money. Central bank digital currencies may operate on the blockchain to ensure transparency and provide a stable platform for the CBDC.
CBDC interest has been growing amid COVID-19. China, a global leader in CBDC development, is leading the development of the first large-scale CBDC. The Digital Yuan will help streamline transactions in an evergrowing digital world.
As the Bank of France explores CBDC use cases, blockchain and cryptocurrency interest continues to surge.
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