the Central Bank of France has completed testing of digital euros on the basis of the blockchain. With support from investment Bank Societe Generale were sold the securities by means of digital euros in a specially created blockchain system.
the Bank noted that the results of the experiments will be an important element of the contribution of the Central Bank of France to a more global understanding of virtual asset of the Eurosystem.
the Minister said that testing is an experimental approach to creating a digital currency started this year. Together with partners, the Central Bank of France has examined the potential contribution of new technologies to improve the functioning of financial markets and in particular interbank regulation.
In the next few weeks the French Central Bank will continue to conduct additional experiments. We are talking about sending euros in digital format between banks, said in a press release.
Interestingly, France initially has a negative attitude to bitcoin and any projects in this area, but then softened its stance. The authorities, however, believe that digital money should be exclusively under the control of state regulators.
the head of the Bank of France Francois Villeroy de Halo has recognized that cryptocurrencies can be useful in connection with the turnover decline of traditional cash, but the control of virtual funds should be left to state regulators, and not private, although large companies. In December last year, the head of the French Central Bank said that France should become the first country to issue digital currency.
Yet at the stage of testing part digital Euro retail payments to citizens it is supposed, the project involved a limited number of organizations. Officials reported that the cryptocurrency for consumer requires special control, and when working with new technology should be used “serious and methodicalesky approach”.
Other countries, including China and the Marshall Islands also are developing their own digital currency.
China is already testing the crypto. In April of this year “Agricultural Bank of China” has started testing an electronic purse payment system of the future based on starlaine of the Central Bank of the country. The functionality involves the implementation of payments, exchange operations, management of digital wallet, transaction history, payment using QR code etc.
While testing is also closed and is available to companies operating in Shenzhen (Guangdong province, South China), the new economic district of Sunyani (centre of industrial area of Beijing — Tianjin — Hebei, North China), Chengdu, Suzhou (Eastern Jiangsu province).
the Development of digital yuan began in 2014 and is now, presumably, is at the final stage, although the exact launch date remains unknown.
the New system around cryptogea suggests that the people’s Bank of China will charge a new digital currency to commercial banks in exchange reserve in yuan. Further, citizens and companies can open their wallets in these cans, to be able to use the new means of electronic payment.
The “people’s Bank of China” has been carefully developing its own cryptocurrency. Beijing thoroughly defended their developments in the field of digitalization and cryptography, received patents for all the inventions that will be used in the treatment of cryptocurrency yuan, including branded digital wallet which you can use to access all public services of the country, and also in the future to take part in national referendums.
Electronic payment system will be a hybrid of the current electronic payment network “people’s Bank of China”, banking infrastructure and other payment systems such as Alipay and WeChat Pay. As told by Jack Lee, managing partnerner investment firms HCM Capital supported by Foxconn Technology Group, the Chinese system will build on the strengths of cryptography and blockchain technology, including low cost and safety.
While China is actively promoting their cryptosecurity, on similar project was conceived in the United States. If China succeeds in developing a national crypto-currencies, the dollar will given the primacy of the yuan, but because the States are exploring the opportunities of the digitization of the dollar.
Former Chairman of the Commission on trade commodity futures U.S. (CFTC) and Christopher Giancarlo led non-profit initiative to promote and study the digital dollar, which can “send as easily as a text message” earlier reported by the newspaper the Wall Street Journal.
co-Founder Morgan Creek Anthony Pompliano talked about the fact that the U.S. is actively discussing cryptologist information according to which the Federal reserve can submit a plan of digitalization of the dollar. “It will be like the attempts of the Chinese government to create a digital version of the Renminbi. Regardless of whether this information is reliable, experts the FED absolutely needs to digitize the dollar,” wrote Anthony Pompliano in his Twitter.
Meanwhile, the former Chairman of the Commission on trade in commodity futures USA’s Christopher Giancarlo plans to promote the idea of digitization of United States dollar using the technology of the blockchain, starting with this purpose, The Digital Dollar Project.
Digital dollar, according to the authors of the project, will be a third currency format, will be provided by the reserves of the Federal reserve and having the digital form, should be as easy to implement transactions, such as sending text messages. In the launch of the initiative attended by the former Director of innovation CFTC Daniel Garvin, brother Christopher Giancarlo Charles and hedge Fund Silver Lake Partners. They hope that their efforts are welcoDUT to a “fully electronic currency on the blockchain”.
To more effectively achieve this goal, the project created a non-profit organization Digital Dollar Foundation. Its main technological partner of the company Accenture, which in December became a partner of the Central Bank of Sweden on a pilot project platform for digital crown.