The Central Bank of France and a group of financial market participants conducted nearly 500 instructions in the primary and secondary markets of government bonds using the central bank digital currency (CBDC) over ten months.
Euroclear and a consortium of institutions have completed the successful pilot of the first Central Bank Digital Currency experiment to settle French government bonds. Read about it here: https://t.co/84iWjadPWn
— Euroclear (@EuroclearGroup) October 19, 2021
According to a statement from securities depository Euroclear, as part of the experiment, the bank used a system developed by U.S.-based IBM. The volume of transactions was not disclosed.
Participants in the pilot project led by Euroclear clearing house include BNP Paribas, Crédit Agricole CIB, HSBC, Societe Generale and the French Ministry of Economy and Finance.
The participants in the experiment confirmed that the developed solution will eliminate the need for reconciliation of accounts and thereby increase the efficiency of capital markets.