France's Central Bank announces successful digital currency experiment

On December 17, 2020, the Banque de France successfully conducted a central bank digital currency (MNBC) experiment with the company IZNES the first Pan European platform for investing in UCI units and record kepping on blockchain, as part of the experimentation program launched in March .

The experiment consisted of the subscription and redemption by investors of monetary fund shares on a private blockchain , provided by SETL, for a total amount greater than 2 million euros. Cash settlements were simulated by central bank digital currency issued on the blockchain . 

From a technological point of view, the experimentation required the development and deployment of smart contractsso that the Banque de France can issue and control the circulation of MNBC tokens and that their transfer takes place simultaneously with the delivery of the fund share tokens in the investors' portfolio. All of these operations were carried out in collaboration with IZNES, SETL, CACEIS, CITIGROUP, GROUPAMA AM, OFI AM and DXC.