Bank of France: CBDCs Will Be Game Changers in Global Financial System

France is one of the countries that is actively developing digital currencies, with the Central Bank of the Fifth Republic choosing to use the Ethereum blockchain in 2021.

This will involve the creation of a token that will serve as a form of payment.

According to Denis Beau, the deputy head of the French Central Bank, CBDCs will likely play a major role in the financial system, especially for cross-border capital movements.

France also emphasizes the importance of international cooperation in regulating digital currencies. Denis Beau mentioned the Mariana project, which involves France, Singapore, and Switzerland, in researching CBDCs.

The central banks of these countries will collaborate to create a platform for processing CBDC transactions and establish regulatory guidelines for such transactions, which could potentially be used by both individuals and companies.