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Banque de France and SocGen test digital euro

Banque de France and SocGen test digital euro

The Banque de France and Societe Generale have tested the use of a blockchain platform to settle a transaction with a central bank digital currency.

Earlier this month, Societe Generale issued EUR40 million of covered bonds as security tokens directly registered on a public blockchain.

The bonds were fully subscribed by SocGen which simultaneously paid the issuer in a digital form of euros issued by France's central bank through a blockchain platform.

The Banque de France says the SocGen experiment is just the first of several it will carry out over the next few weeks with other financial services players as it seeks to test the use of a central bank digital euro.

SocGen says the effort demonstrates the feasibility of financial securities being digitally settled and delivered in CBDC for interbank settlements.

Eventually, the technology could help boost automation and shorten payment processes, simplifying market infrastructures and strengthening security.

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