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France
lays the foundation for
a new world monetary system
The first deputy governor of the Central Bank of France describes the central bank's digital currency as a "catalyst for improving cross-border payments."
Representatives of the Bank of France, the Central Bank of France, embraced the global perspective to discuss the Central Bank's digital currency (CBDC), describing it as the basis for a new international monetary system.
On October 3rd
Denise Poe
First Deputy Governor of the Bank of France
described the central bank's digital currency as "the catalyst for improving cross-border payments by enabling the building of a new international monetary system."
The official stresses the need to consider cross-border issues of central banks' digital currencies from the outset rather than as an afterthought.
Bo sees several paths to developing
a cryptocurrency for the Central Bank (CBDC)
The first is the development of common standards
and interoperability between central banks
wholesale cryptocurrencies and legacy systems.
The second:
promoted by the International Monetary Fund (IMF)
and the Bank for International Settlements (BIS)
is the development of
regional or global CBDC platforms.
Wholesale central banks' cryptocurrencies can be consolidated to be exchanged directly on these platforms and to carry out payment and delivery transactions against payment transactions.
Poe cited the example of the Mariana project
which explored the potential of the automated market maker (AMM).
The project
which involved the Bank of France
the Singapore Monetary Authority and the Swiss National Bank
was successfully concluded in late September.
The administrator not only spoke about
central banks' cryptocurrencies but also about financing coding.
He believed that the public sector should further support the private sector to
enable the full potential of blockchain technology while reducing risk.
In his view, the "availability of central bank funds"
and symbolic assets were allies rather than competitors.