France announces the first successful testing of digital Euro.

The Bank of France (La Banque de France), which is the central bank of France, has announced the successful testing of the digital euro working on the blockchain network. Hence, France became the first country where a digital analog of paper currency has been successfully tested. According to an official announcement, the bank succeeded to sell securities for a digital euro on a privately-developed blockchain with the help of financial conglomerate Société Générale. Deputy Governor of Bank of France: We Must Develop Standard Crypto Regulation The financial institution also announced the continuation of work on testing the digital euro for interbank operations. In March, the central bank of France issued a statement in which it called for applications to experiment with the use of a “digital euro issued for interbank settlements.” The goal of the experiment was to explore the potentialities offered by the digital asset and to identify concrete cases integrating central bank digital currency (CBDC).

Digital Euro

The French Central Bank has completed the blockchain-based digital euro test in its current experiments with the Central Bank’s digital currency.

In this test, Bank de France used in-house blockchain technology to create digital securities representing the Euro. The investment bank Societe Generale participated in the testing, which was completed on May 14.

“Since the beginning of the year, Bank de France has taken an experimental approach to the digital currency of the central bank, aimed at exploring with partners the potential contribution of new technologies to improve the functioning of financial markets and, in particular, interbank regulation (the so-called“ wholesale ”digital currency of the central bank),” — said in a press release.

In the next few weeks, the French central bank will continue to conduct additional experiments. This will be due to the sending of digital Euro between banks, the press release said.

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