The wholesale central bank digital currencies project won over the Banque de France in March 2020. To demonstrate its seriousness, it published its first report on the progress of this wCBDC in 2021. This day, a new report concerning it was unveiled. Big plan !
The Banque de France’s wCBDC is moving forward
The Banque de France does not intend to ban cryptocurrencies. However, she wants to sit strict regulation of these assets. From where its membership in the MiCA. Moreover, the proposal for a MiCA 2.0 regulation to regulate conglomerates came from this institution last June.
Regarding his wholesale CBDC projectthe Banque de France has just published the release of its second report containing lessons learned from experiments already started.
There message of today to focus on ” operational feasibility and practical implementation of the three models she conceptualized for wCBDC’s broadcast direct to DLT “. Below are the models in question:
- interoperability ;
- distribution ;
- and integration.
” They all address key aspects of implementing wholesale CBDCs and each model offers different capabilities and features compared to conventional systems, so they can be complementary rather than exclusive. “, can we read in this press release.
Furthermore, the Banque de France, which intends to get in tune with theEurosystem announced last April, admitted to having tested these three models with several Distributed Ledger Technologies (DLT), including the DLT DL3S (Distributed Ledger for Securities Settlement System). She took into account two strategic areas quite distinct. They are: the finance tokenization » and the « improving the efficiency of payment systems “.
However, the CBDCs are not unanimous at the level of British and American elected officials. To quote only the pro-bitcoin senator Robert Kennedy.
8 lines of action highlighted
The image below summarizes the main lessons drawn from this experiment.
In other words, the Banque de France has emphasized:
- there complementarity of a CBDC with a wholesale CBDC ;
- the prioritization of cooperation between international actors and public-private partners;
- the importance ofinteroperability with a view to carrying out transparent exchanges;
- solution development adapted to environmental issues ;
- the importance of technological advances related to DLT for optimized control of wCBDCs by central banks;
- the importance of neutrality in the development of common standards;
- the scope of DLTs, in particular on commercial activities and the establishment of financial stability;
- interest in new experiences both nationally and internationally.
A preview of what’s to come
” This is only the beginning of the journey; we envision that multiple wCBDC DLTs can coexist on a global scale. It is therefore essential to study their interoperability from the start of their design, in order to avoid duplicating the obstacles encountered when interconnecting existing real-time gross settlement (RTGS) systems. », specifies Emmanuelle Assouan, Director General of Financial Stability and Operations.
In the rest of its report, the Banque de France underlined theimportance of a tokenized form of central bank money in cross-border payments and securing financial assets.
Soon, this financial institution will concentrate its efforts on the Eurosystem and the cross-border payments.
Like what, the hand extended by Chainlink to marry banking chains with public blockchains does not attract the Banque de France for the moment.
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