In March 2020 Banque de France, launched a Central Bank Digital Currency (CBDC) experiment program to test the integration of CBDC in procedures for the exchange and settlement of tokenised financial assets.

A consortium of banks led by Euroclear was selected to assess the potential of post-trade capital market settlement operations in CBDC for French Sovereign Debt Securities.

The experiment had three high level objectives:

  1. Assess whether a large range of post-trade functionalities can be run on blockchain
  2. Identify from a user point of view, the added value of blockchain technology and CBDC for the capital markets
  3. Determine potential next steps.

This report provides a detailed explanation of how the experiment was carried out and reveals some fascinating findings.

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