French central bank trials CBDC debt market system

Paris, France

The French central bank has completed a pilot of a blockchain-based CBDC designed for the country’s debt market.

The trial was led by Belgian financial services firm Euroclear using a system developed by US tech giant IBM.

After 10 months of testing and participation from more than 500 institutions in France the trial of a CBDC for government bond deals is now over.

BNP Paribas, Crédit Agricole CIB, HSBC and Société Générale were amongst some of the...

Stratis to help guide UK policy as ‘APPG Blockchain’ member

Big Ben

The Stratis blockchain has joined the UK’s ‘all party parliamentary group on blockchain’ (APPG Blockchain) to contribute knowledge and help guide UK blockchain policy.

APPG Blockchain already includes major organisations like the IOTA Foundation, Capita, SAP, and the British Standards Institute (BSI).

Now, alongside Stratis, they will collaborate on developing innovative blockchain use cases as well as providing policy recommendations to guide the UK’s approach...

Fluency valued at £17m with CBDC interoperability solution

Bank

Fluency, a CBDC blockchain enterprise platform, has raised £940,000 in seed funding to give it a £17 million valuation.

The company’s Aureum solution is being created to help build and interconnect national CBDC networks with cash retail banking, supporting the transition from cash to a CBDC.

Its smart contract platform enables issuance, distribution and exchange of multiple CBDCs between central banks, commercial banks, merchants, and consumers.

Having...

Blockchain Expo 2021: Crypto investors, CBDC, and retail participation

Cryptocurrencies.

The global blockchain technology market is estimated to accumulate $20 billion in revenue by 2024.

According to a study by Transparency Market Research (TMR), this is largely down to the rapidly rising interest among several giant companies in leveraging the disruptive potential of blockchain.

This, in turn, has created an increasingly competitive vendor landscape. Furthermore, the continuous entry of new players capitalising on the use of the process for practical...

Nigeria to launch CBDC pilot in October

Nigerian Flag

The Central Bank of Nigeria (CBN) plans to begin its central bank digital currency (CBDC) pilot on October 1, according to Nigerian financial news publication Nairametrics.

According to Nairametrics private sources, Rakiya Mohammed, the bank’s director of information technology, called a webinar last Thursday to confirm the pilot’s start date and emphasise that the CBN could not afford to be left behind in global CBDC development.

The pilot scheme, known as...

Klaytn and ConsenSys to collaborate on Bank of Korea CBDC pilot

Klaytn, the public blockchain project of Korean Internet provider Kakao, has announced a strategic partnership with ConsenSys to improve its digital currency capabilities in preparation for its participation in the Bank of Korea's CBDC pilot platform later this year.

As well as working with national banks, Klaytn also expanded into the NFT market through OpenSea support at the end of March, highlighting the company's diverse array of ventures so far this year.

Klaytn...

Bank of England taskforce announced to explore CBDC potential

The Bank of England and the Treasury have announced the creation of a joint taskforce to explore the potential upsides and pitfalls of a UK central bank digital currency (CBDC), referred to as ‘Britcoin’ by chancellor Rishi Sunak.

The taskforce will be jointly led by the Bank's deputy governor for financial stability, Sir Jon Cunliffe, and the Treasury's director general of financial services, Katharine Braddick.

The use of cash in financial transactions has been...

What will banking look like in five years with CBDCs? Thoughts from those driving adoption

“If we build it, will they come?” asked Francisco Rivadeneyra, director of CBDC and fintech policy at the Bank of Canada.

Speaking at the Blockchain Expo Virtual earlier this month, Rivandeneyra, one of an all-star panel of leading figures from the global public and private banking sector, voiced his concerns over the potential difficulties of CBDC adoption.

The panellists shared his understanding of the precise fine-tuning needed by those working on CBDC projects...

William Lovell, Bank of England: Why blockchain is maturing – but healthy scepticism remains

As blockchain technologies and the thinking around them have matured, the role of each of its stakeholders tends to mature with it. For the central bank, the inherent understanding of risk with blockchain has always been there. But this does not mean innovation and progress cannot march forwards.

William Lovell is head of future technology at the Bank of England. Naturally, this remit means blockchain is not the only game in town, but its intrinsic link to finance makes it a...

Are central bank digital currencies on the horizon?

Central Bank Digital Currencies

The IMF has begun to consider the potential for central bank digital currencies (CBDC), as well as the implications of such a move. The latest staff discussion document titled Fintech and Financial Services: Initial Considerations highlights the evolution of cross-border payment technology and its potential to change the way central banks issue currency. In an appendix, the international financial organisations sets about asking why a central bank would want to issue a CBDC, and how they...