The Bank of France has announced the launch of a pilot program that will test the development and use of government cryptov currencies for interbank settlements.
The use of tokenized financial assets may accelerate interbank payments. Financial institutions in France can already apply for participation in the testing. Applications are accepted from any company or EU citizen until May 15. The selection of participants will take place on July 10.
At the same time, the Central Bank of France does not impose any particular technology in the testing of state crypt currency. The maximum number of participants in the pilot program is limited to 10, and the main selection criterion will be the "innovative nature" of the proposed technology.
Within the framework of testing, the Central Bank of France plans to focus on the application of state crypt-currency for payments with traditional financial instruments, with digital currencies of other Central Banks, as well as with digital assets. The document stresses that the bank does not plan to create a new currency and will destroy the tokens involved in the testing.
"The experiments will be the contribution of the Bank of France to a wider discussion within the European Union, after which the decision to create a state crypt currency will be taken. The testing will be held in a limited period of time and volume," said in a statement by the Bank of France.
Last December, Chairman of the Central Bank of France François Villeroy de Galhau said that the bank will begin testing the state cryptovalue for financial institutions in the first quarter of next year. However, it seemed that the regulator's plans had changed.
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