Banque de France conducts successful experiment on use of BCT digital money with consortium of actors driven by LiquidShare
13/07/2021 12:05, TUNIS/Tunisia

(TAP)- The Banque de France successfully carried out on June 18-25 a fifth experiment on the Central Bank of Tunisia digital currency (CBDC) with a consortium of actors driven by LiquidShare as part of the experimental programme launched in March 2020, the BCT said in a press release on Tuesday.

The experiment involved the simulation on a private blockchain of the issuance and settlement of unlisted securities and of the settlement of listed securities. Settlements of securities were simulated by central bank digital currency issued on the blockchain. The experiment required the development and deployment of smart contracts so that the Banque de France could issue and control the circulation of CBDC tokens while ensuring that each transfer takes place simultaneously with the delivery of the securities.

Director General of the Development and Supervision of Payment Systems and Means at the BCT Mohamed Sadraoui, quoted in the press release, this platform is likely "to reinforce transparency, speed and cost savings, all of which are conducive to a better inclusion of the Tunisian diaspora in Europe.

"The success of this experiment is an opportunity to start thinking about the deployment of alternative channels for cross-border transfers initiated by the Tunisian community in Europe to Tunisia," he added.

For her part, Director General of Financial Stability and Operations at the Banque de France Nathalie Aufauvre indicated that this experimentation has helped appreciate the interest of the interbank MNBC for the execution of retail cross-border transfers by resorting to a cooperation between commercial banks and central banks for the establishment of more efficient processes.

This is, she specified, the first case of the use of interbank MNBC for retail funds transfer purposes and paves the way for further reflection between central banks on improving cross-border payments.

These operations were conducted by a consortium of players gathered at the initiative of LiquidShare, among which Axa Investment Managers, BNP Paribas Securities Services, CACEIS Bank, CIC Market Solutions, Crédit Agricole Titres, Euroclear, Euronext, Kriptown, La Banque Postale, Caisse des Dépôts, ODDO BHF, ODDO BHF AM, OFI AM and Société Générale Securities Services.

This experiment made it possible to test the integration of issuance and settlement activities, including exchanges on the secondary market. It serves the discussions that the Banque de France is conducting on the tokenisation of financial assets; in particular, the new settlement processes tested should contribute to a greater integration of financial markets.

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