Banque de France announces successful testing of digital euro

21.05.2020 / Payment system news

The Central Bank of France (Banque de France) announced the successful completion of the first phase of testing the digital euro, which was created using distributed registry technology.

In particular, it is noted on the official website of the department that, as part of the experiment, the Bank, together with partners, studied the advantages of new technologies to improve the functioning of financial markets and, in addition, special attention was paid to interbank standards. The first phase of electronic money testing ended on May 14th.

Over the next few weeks, the Bank of France will conduct additional research in cooperation with other market players, the basis of which will be documents received as part of a tender opened on March 27 this year and aimed at testing the possibility of using digital euro in interbank regulation. The Office notes the public interest in this issue, which confirms the large number of applications sent.

“The results of this work will be an important element of the contribution of Banque de France to a more global understanding led by the Eurosystem,” the regulator noted.