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Bank of France successfully tests CBDC on DLT: promising results for cross-border transactions
The Bank of France has successfully conducted wholesale CBDC (wCBDC) experiments using distributed ledger technology (DLT). Testing began in March 2020 and included a total of 12 trials. The main goal of the experiments was to demonstrate the feasibility of issuing wCBDC on DLT. Three models were examined: interoperability, distribution and integration. Particular attention was paid to financial tokenization and cross-border transactions. The experiments yielded positive results and highlighted the benefits of wCBDC as a complement to retail CBDC. By introducing a globally inclusive and interoperable wholesale CBDC framework, the stability and convertibility of central bank money can be ensured. International collaboration and public-private partnerships...
Bank of France successfully tests CBDC on DLT: promising results for cross-border transactions
The Bank of France has successfully conducted wholesale CBDC (wCBDC) experiments using distributed ledger technology (DLT). Testing began in March 2020 and included a total of 12 trials. The main goal of the experiments was to demonstrate the feasibility of issuing wCBDC on DLT. Three models were examined: interoperability, distribution and integration. Particular attention was paid to financial tokenization and cross-border transactions.
The experiments yielded positive results and highlighted the benefits of wCBDC as a complement to retail CBDC. By introducing a globally inclusive and interoperable wholesale CBDC framework, the stability and convertibility of central bank money can be ensured. International cooperation and public-private partnerships are of great importance for this. Advances in technology offer central banks various options to maintain control of their wholesale CBDC while remaining technologically neutral and adopting common standards.
Direct settlement of trading and post-trade activities can be improved through the use of DLT, which in turn contributes to overall financial stability. Further experimentation, both domestically and internationally, is required to develop an operational framework for wCBDCs. The Bank of France plans to support the Eurosystem in this process and, on this basis, to examine improvements in cross-border payments.
The report highlights the importance of energy efficient solutions and ongoing experiments to further develop the operational framework for wholesale CBDCs. The results of the wCBDC experiments suggest that distributed ledger technology offers promising prospects for improving cross-border payments and building a more efficient and inclusive wholesale CBDC ecosystem. As research continues to progress, profound changes could occur in the global financial landscape.