Central Bank Digital Currencies have become something that many banks are looking into in 2022. The whole global economy is in shambles with the worse yet to come. The upcoming winter may completely disrupt many European economies due to insufficient energy supply caused by the Russia-Ukraine war. On the other hand, the British Pound and Euro are losing their positions due to inadequate monetary policies employed by the UK and EU governments.
In this situation, many central banks are exploring novel approaches to controlling their monetary systems with the biggest trend being cryptocurrencies.
France wants to use CBDCs on a day-to-day basis
The French Central Bank is already testing some blockchain products. For example, they have the Jura project which is a security that has been used as a foray into the web3 concept. It is relatively successful and enjoys popularity among some investors. The results of this pilot project enthused the Banque de France to move forward with their new ventures.
One of their upcoming projects will focus on supplying liquidity to CBDC in the DeFi setting. The venture will see the introduction of fully automated market makers to provide sustainability to the securities market that will be expanded with more digitally issued securities. Tokenized bonds are the second focus of the new pilot project announced by Villeroy de Galhau, a Bank of France governor. The issuance of digital bonds on immutable blockchain ledgers is one of the biggest offerings that the Central Bank plans to introduce very soon.
Details are still unclear but will be announced as they become available during the next week. However, the direction taken by the Banque de France is already apparent. The authority wants to make its national cryptocurrency available to all citizens and provide the necessary tools to investors.
France aims to integrate the digital Euro by 2026
The nation is hopeful that it will be able to let EU’s CBDC in domestic circulation by the end of 2025. The goal did not change. Like Switzerland, Italy, and the UK, France is on a fast pace to crypto adoption.
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