The French Bank completes phase 1 of the CBDC Conference

The Banque de France has announced that it has completed the Phase 1 trial of the Central Bank's Bulk Digital Currency (CBDC) and plans to enter the next phase with a focus on cross-border payments.

Since March 2020, the Central Bank of France has been exploring ways to use CBDCs for exchanges between financial institutions.

The final phase of the first phase of the referral concerns the digital distribution of the blockchain and the CBDC regulation, in collaboration with several partners, including the large bank HSBC.

"This experience has helped transform the life of digital assets from start to finish," the Banque de France said on Thursday. "Each change will occur at different levels of the blockchain environment, with HSBC responsible for wealth management and the French securities bank and CBDC."

Mid-sized banks around the world are looking to improve digital yields to solve some of the problems with declining cash flow caused by rising interest rates. However, research on many CBDCs is limited to small groups, and they seek to use CBDCs to address some of the downsides and downsides of exchanging money between banks.

Bulk CBDCs are digital incomes advertised by financial institutions to trade midsize banks' incomes. It differs from retail CBDCs used by the public in the form of cash.

The Banque de France is currently exploring stock market CBDCs as part of the European Central Bank's broader initiative in the development of the digital euro.