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CBDCs grow as France Successfully tests a digital euro

CBDCs grow as France Successfully tests a digital euro
  • As COVID-19 stretches throughout the world, central banks all across the world are trying to deal with the crisis. 
  • Millions of dollars have been pumped into the system in order to salvage the economy.
  • This is just one of the many reasons as to why central banks all across the world are looking at the crypto space.

As COVID-19 stretches throughout the world having a big impact on people‘s lives as well as the economy, central banks all across the world are trying to deal with the crisis. Millions upon millions of dollars have been pumped into the system in order to try and salvage what is left of the economy but aside from that, central banks have had to keep an eye on the cash that flows in and out of their operations. This is just one of the many reasons as to why central banks all across the world are looking at the crypto space.

Central banks all across the world have been mulling over the possibility of creating their own digital currencies for the past few months. Nations have even Put more fuel in their creations after Facebook announced their plans for a global digital currency last year but only if you have actually started development. But then we look to France which has successfully tested its central-bank digital currency.

Last week on the 14th of May, the central bank in France completed its test for central-bank digital currency. The news was only announced earlier this week on the 20th but for the trial the bank utilised the blockchain which helped to settle digital securities with the digital euro. Part of the announcement read the following.

“Since the start of the year, the Banque de France has embarked on an experimental approach to central bank digital currency, aimed at exploring with partners the potential contributions of new technologies to improve the functioning of the financial markets and more particularly interbank regulations (so-called “wholesale” central bank digital currency).”

It will be interesting to see how this plays out. Central-bank digital currencies are all the rage right now with many countries jumping on the bandwagon as it progresses. France is just going to be the starting. For more news on this and other crypto updates, keep it with CryptoDaily!

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