Bank of France Deputy Governor Denis Beau, at the Paris Blockchain Summit, spoke about the progress being made towards the launch of France CBDC (Central Bank Digital Currency).
The deputy governor in his address spoke on necessary regulatory changes and legal framework of the set to be released digital currency. Central Bank Digital Currency (CBDC) has been the talk in many countries in recent years.
The digital currency from all the indications looks like it would be a success as it sets to launch in China next year (2021).
However, several other countries, Canada, the United States, Russia looking to come-up with a CBDC are still in the early stages of executing their digital currency.
France CBDC, is also being worked on. Towards perfecting the process, the Bank of France has worked with Societe Generale to test digital transactions, tokenization of securities, and settlement of transactions on the private blockchain.
Currently, they are analyzing whether tokenization can help with cross-border payments which Beau describes as being costly, incur long delays before settlement and give rise to uncertainties on Anti-Money laundering checks.