France to Explore Blockchain-Powered Cryptocurrency

In a recent speech, the central bank of France announced they will explore a state-backed blockchain-based digital currency.

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Banque de France First Deputy Governor Denis Beau stated the eurozone needs to create a central bank digital currency (CBDC) because “disorderly approaches and heterogeneous adaptations” may develop in its absence.

Denis Beau, Banque de France

Beau also stated blockchain solutions are also being examined for cross-border payment solutions within the EU.

Currently, EU residents typically wait extended periods for payments to clear internationally.

According to Beau, the current banking model results in an expensive, vulnerable service.

Utilizing blockchain, cross-border payments could be completed seamlessly at a fraction of the price “answering market’s demands,” Beau said.

Banque de France has been outspoken regarding blockchain in the past.

In October, Banque de France announced they were looking for a blockchain analyst for its digital currency implementation program.

According to Beau, Banque de France was the first central bank in the world to develop a blockchain registry system.

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