The first Digital-to-Euro transaction amounted to 40 million euros
In the framework of a cooperation with the Banque de France and Societe bonds to the value of 40 million euros have been billed as a Security Token in the digital Euro.
The French Central Bank announced a successful Test of their Blockchain-based digital currency.
A press release announces that it is a joint product of two companies. On the one hand, the Central Bank, Banque de France, as well as the partner’s Societe General on the other side. The latter is one of the largest investment banks in the country.
It means Societe Generale’ve used the platform with success in the case of the issuance of the bonds, the security token is issued and in digital euros were settled.
It was the first attempt in the issuance and settlement of the Token based on the Blockchain technology.
Investment Bank issued covered bonds in the amount of 40 million euros (the equivalent of about 44 million US dollars). Societe Generale adds in a statement that the Tests were exclusively performed with the use of a Blockchain infrastructure. It was the Demonstration of the “feasibility of digital processing and delivery of financial products in a digital Central Bank currency (CBDC) …“.
The said transaction was preceded by a 100-million-Euro issue, which was based on the same Blockchain infrastructure. This took place in the previous year, and was on the Ethereum block Chain.
From the point of view of the investment Bank confirmed the transaction “a new stage of development of the Societe Generale Forge platform“. The company said, “Forge” serve the promotion of a project for the promotion of new market activities on the basis of the Blockchain.
In the own success of the activities sees the Central Bank as a “new step“, through innovative technologies, in-house services continue to improve.
France’s Central Bank assured that in the coming weeks for more Tests and experiments will follow. New businesses should be integrated. Also, the experiments “on documents are based“on the need for Tests on the feasibility of emissions and use of digital Euros for the promotion of existing inter-Bank rules, instructions.
