- The Banque de France has picked eight institutions altogether to join the scheme, which will have multiple roles to play.
- The project will look for solutions to challenges around international settlements – and will also explore the prospect of a Central Bank Digital Currency (CBDC).
- On the list of approved institutions is Swiss bank SEBA as well as major global names such as Accenture.
The central bank of France has told various organisations that they can join a scheme designed to encourage experimentation and innovation when it comes to settlement solutions and cryptocurrency.
The Banque de France gave eight institutions the right to join the scheme, which aims to locate better ways for international money transfer settlements to be made.
The scheme will also focus on potential issues relating to the creation of a Central Bank Digital Currency (CBDC).
The scope of the group’s tasks is broad, and the institutions are being asked to experiment their way to success by running various pilot projects.
One such project will involve investigating fresh ways for central banks such as the Banque de France to use financial instruments.
Another will focus on the regulatory landscape around digital money, or cryptocurrencies.
This will focus in particular on how crypto can be used to turbo-charge international money transfers.
According to press reports, the findings of the project will then be shared with the Eurosystem, which is the EU’s bloc-wide monetary system.
It will then be used to assess whether there are advantages to a CDBC.
Institutions of various sizes and prestige levels are on the list, according to press reports.
Major names such as HSBC and Accenture are represented, while less well-known names have also been chosen to join.
Société Générale, which is a French multinational financial services organisation, is on the list.
LiquidShare, a settlement infrastructure based around the use of blockchain, is one of the fintech firms represented.
Euroclear, a financial services firm that again has specialist experience in settlement, features alongside a further blockchain-powered firm called IZNES.
The list is completed by the organisation ProsperUS and SEBA Bank, which is based in Switzerland.
In a statement, Guido Bühler, who serves as the chief executive officer of SEBA Bank, said that his firm viewed the development as a “proof of concept”.
“We at SEBA Bank are very proud of this achievement, and to be selected by Banque de France honors us,” he said.
He went on to say that he felt that his firm was able to offer something “relevant” to the wider digital ecosystem.
“It is a proof of concept that our service offering and deep expertise of the industry is of great value and a relevant contribution to develop the eco system of digital currencies and assets,” he added.
The online money transfer industry is full of twists and turns, and if you’re involved in the sector in some way, it’s important to keep abreast of the latest developments.
You can do that over at our news pages.
