Banque De France Calls for An Embrace of Blockchain Financial Solutions In The Euro-System

France's central bank First Deputy Governor speaks on all of the Eurozone adopting a blockchain-based settlement system or at least considering central bank digital currency (CBDC).

The Central Bank of France is pushing for a blockchain-powered settlement system in the European region for quick and cost-effective euro transfers. Dennis Beau, the Deputy Governor, spoke in support of the Distributed Ledger Technology during a speech on Thursday, November 21. He said the technology is the answer to many of the presenting financial market problems.

One Solution France is suggesting is a Central Bank Digital Currency and Beau seconds this suggestion saying,

“The TOKENIZATION of financial assets combined with the recourse to blockchain-based solutions and more broadly Distributed Ledger Technologies to store and transfer those assets could help answering market’s demands.”

The Distributed Ledger Technology will help in solving delay problems related to cross-border payments. According to Beau, members of the European Union and other regions have always had to suffer long periods of waiting for payments to get transferred between international banks. Such long processes attract high fees and are generally insecure services.

Tokenization of the banking space would bring a twist and an end to the pressing problems. A combination of tokens and the DLT will aid in securing easy money transfers and addressing market demands.

Banque de France has been advocating for the adoption of the Distributed Ledger Technology for quite a long time. It has been working on a project on a digital currency execution program since October. Beau credits the bank for being the pioneer central bank to have a blockchain-powered registry system globally. Beau said,

“The Eurozone being the provider of settlement services and wholesale clearing in euros, should try the new technology to improve its services of using central bank funds for settlements,”

“The Banque de France, European Central Bank, and other central banks in the European Union are already experimenting with the new tech, especially on Central Bank Digital Currency.”

The European Central Bank has its fintech-powered Innovation Hub that it launched early this month. The platform advocates for international central banks to work together in embracing the new technologies in the financial space.

There have been rumors that the European Central Bank is issuing its own stablecoins, but the presidency of the ECB has nullified the rumor claiming that it was only interested in regulating the digital coins and not owning them.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Denis Miriti
Denis Miriti
Denis Miriti is an excellent writer that perfectly understands financial markets, which allows me to provide great quality of writing on the niche. I have 3 years of experience as a freelance Forex writer, creating educational articles, strategies, news re-written articles, forecasts and much more. Other skills include Bitcoin, Blockchain and Cryptocurrency writing.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,196FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

US Court Tosses Appeal in Child Exploitation Case; Accessing Coinbase Account Didn't Violate Fourth Amendment Rights

Richard Gratkowski, convicted of purchasing and receiving child pornography, and accessing websites with an intent to access child porn, was sentenced to 70 months...

Lebanon’s Fiat Currency, the Lira, Drops 50% of Its Value in 10 Days Due to Hyperinflation

Lebanon's financial crisis is only deepening with each passing day, as the country is engulfed in hyperinflation. An unofficial report suggested that the value of...

Bitcoin-based Startup Zap Opens Strike for Public Beta And Plans to Release Visa Rewards Card

Jack Mallers, Zap founder, revealed on Thursday that Zap’s Strike product, which enables individuals to receive Bitcoin in US dollar form through direct bank...

Techemy Capital Plans To Launch Compound (COMP) Investment Portfolio for Yield Farmers

Techemy Capital, a New Zealand based digital asset investment firm and fund management, announced the planned launch of new DeFi strategic investment products next...

Bitcoin Retail Investors will Eat Up All the New Supply Starting 2028: Report

The latest study titled, “Retail Investors Steady in Physical Bitcoin Snatch-Up” talks about how the remaining 10% of bitcoin supply will take 120 years...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today