BNP Paribas and Crédit Agricole to study interbank digital currency prospects

Investment divisions of the French banking giants have joined a joint project to study the potential and risks of using an interbank digital currency based on blockchain.

According to the press release, in addition to BNP Paribas CIB and CA CIB, the pilot will involve the state financial institution Caisse des Dépôts, as well as Tokeny and The Blockchain Xdev (a subsidiary of Blockchain Group).

The partners will test the settlement of financial operations with digital assets on platforms that use Ethereum and Tezos technologies.

Source: Blockchain Group.

They will focus on multicurrency, multi-party transactions involving digitized securities, where security tokens and tokenized money exist in a single register.

They will also examine compatibility issues of the instrument with other public and private blockchains.

Earlier, the Bank of France tested the use of a digital currency for interbank payments.

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