France Conducts Second Experiment on Wholesale CBDCs, Finds Potential for Improved Cross-Border Payments

France's Central Government has approved the implementation of wholesale central bank digital currencies (CBDCs) after conducting a second experiment on the matter. The Banque de France has released findings and lessons learned from its wholesale CBDC experimentation program, which began in March 2020 and consisted of twelve trials.

The introduction of a wholesale CBDC alongside a retail CBDC is expected to improve monetary stability and universality, simplify the conversion of different types of private money, and improve cross-border payments, settlement finality, and security for a wide range of financial assets. Central banks worldwide are experimenting with CBDCs to improve wholesale settlements, with the BIS leading many projects.

France central bank digital currencies

Original Link

Comments

All Comments

Recommended for you

CointimeSG ·

GCEX Expands Crypto Custody Solutions With New Hex Trust Service

The prime broker launched the Secured Accounts service to enhance institutional digital asset protection in the EU and UK. Both companies have been working closely together for 3 years, recently presenting staking services.
CointimeSG ·

FD Technologies Posts Wider Loss, Debt Surges 84% Before First Derivatives Sale

The company reports a challenging 6 months, with revenue down 7% to £118.2m and adjusted EBITDA falling 26% to £10.5m. FD Technologies recently announced its plan to sell its First Derivative business to EPAM Systems for £230 million.
CointimeSG ·

How Q Protocol is changing the future of blockchain governance: Report

Cointelegraph Research delves into Q Protocol’s unique governance framework, which combines onchain mechanism with legal agreements.
CointimeSG ·

Movement developers plan token generation event on Ethereum ahead of mainnet launch

The Movement blockchain project has introduced its native MOVE token with a supply of 10 billion tokens. MOVE will initially be launched as an ERC-20 token during a token generation event on Ethereum.
CointimeSG ·

Crypto Banking in the UAE: The Path to Licensing and Compliance

Companies must meet several financial and operational criteria, such as minimum capital requirements and maintaining liquid assets. The licensing process can take between 4 to 12 months and involves significant costs.
CointimeSG ·

Canadian wellness firm approves plan to add $1M of Bitcoin to treasury

Jiva Technologies CEO Lorne Rapkin said the move to add Bitcoin to the treasury is “a unique opportunity to strengthen our treasury with a resilient and innovative investment.”
CointimeSG ·

dxFeed Collaborates with Hybrid Trading Firm to Improve Market Data Access

The partnership involving Tickblaze aims to address high data fees and technical complexities. Tickblaze, originally focusing on institutional clients, has expanded its offerings to retail traders.
Pennsylvania Passes "Bitcoin Rights" Bill and Considers Strategic Bitcoin Reserve Amid Criticism and Potential Economic Benefits

Pennsylvania has passed the "Bitcoin Rights" bill, which protects the rights of individuals and businesses to self-custody digital assets, operate blockchain nodes, and conduct transactions without interference from restrictive municipal ordinances. This move establishes Pennsylvania as a leader in digital asset regulation and demonstrates its commitment to fostering innovation in the sector while addressing issues such as economic empowerment and financial inclusion. Additionally, two Republican Representatives have introduced the Strategic Bitcoin Reserve Act, which would allow the state treasurer to allocate up to 10% of Pennsylvania's funds into bitcoin and crypto-based exchange-traded products. However, critics have raised concerns about the risks of holding bitcoin in government reserves, including extreme price volatility and security vulnerabilities, as well as environmental concerns related to bitcoin mining's energy consumption. Despite this, Pennsylvania's proactive approach to fostering a crypto-friendly environment positions the state as a model for equitable digital asset adoption and underscores the growing role of state governments in shaping the future of the digital economy.
It is reported that Trump may meet with Ripple CEO and other crypto industry representatives to discuss the formulation of US crypto policy

Ripple CEO Brad Garlinghouse recently gave an interview to Fox News and talked about his feelings regarding Trump's victory in the 24th US presidential election. There are reports that Brad Garlinghouse and other representatives from the cryptocurrency industry may meet with Trump to discuss participating in the formulation of US cryptocurrency policies. Fox News asked Brad Garlinghouse about this matter, and although it has not been confirmed, his response seemed to suggest that he would be open to it. Brad Garlinghouse said, "I won't comment too much on the details here. Throughout the entire election cycle, we have been actively supporting cryptocurrencies and innovation, and we will continue to work with more friendly government officials to get rid of current regulations through law enforcement."
EU regulators set out guidelines on restrictions for cryptocurrency providers

the European Banking Authority (EBA) is the European regulatory agency responsible for addressing weaknesses in the European banking industry. It has issued two sets of guidelines, including specific guidelines for payment service providers (PSPs) and cryptocurrency asset service providers (CASPs). On November 14th, EBA released guidelines that specify the measures that PSPs and CASPs must take when transferring funds or cryptocurrency to comply with EU and national restrictive measures. According to EBA, these guidelines ensure the implementation of EU and national sanctions. EBA believes that weaknesses in control, internal policies, and procedures may pose legal and reputational risks to financial institutions (including PSPs and CASPs). In addition, weak links in these areas for financial institutions may also "weaken" the effectiveness of the EU's restrictive measures system. The European Banking Authority emphasizes that this may lead to rule evasion, thereby affecting the stability of the EU's financial ecosystem. According to ECA, these guidelines will apply from December 30, 2025.