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French Central Bank Praises CBDC!

French Central Bank

On October 3, Denis Beau, the First Deputy Governor of the Banque de France ( French Central Bank ), emphasized that the Central Bank Digital Currency (CBDC) is a catalyst for improving cross-border payments and adopting a global perspective. He defined it as the foundation of a new international money system. He emphasized the need to address cross-border issues in the development of CBDCs afterward rather than in thought.

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Denis Beau, the First Deputy Governor of the Banque de France ( French Central Bank ), identified two valid paths for CBDC development. Firstly, creation of common standards between wholesale CBDCs and existing systems and ensuring their compatibility. Secondly involves the creation of regional or global CBDC platforms supported by the International Monetary Fund (IMF) and the International Bank for Bills (BIS). Standardization of wholesale CBDCs allows them to be directly exchanged on these platforms and allows payment and delivery transactions.

Beau cited Project Mariana as an example and stated that the project, which explored the capabilities of the automatic market maker (AMM), successfully concluded. Additionally, Beau mentioned that they, in collaboration with the Monetary Authority of Singapore and the Swiss National Bank, successfully completed this project in late September.

In addition to CBDCs, Beau discussed the tokenization of finance. He emphasized the importance of more public sector support for the private sector to realize the full potential of blockchain and to limit the risks arising in this process. According to Beau, tokenized central bank money and tokenized assets are complementary allies, not competitors, in the evolving financial landscape.

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