France Conducts Second Experiment on Wholesale CBDCs, Finds Potential for Improved Cross-Border Payments

France's Central Government has approved the implementation of wholesale central bank digital currencies (CBDCs) after conducting a second experiment on the matter. The Banque de France has released findings and lessons learned from its wholesale CBDC experimentation program, which began in March 2020 and consisted of twelve trials.

The introduction of a wholesale CBDC alongside a retail CBDC is expected to improve monetary stability and universality, simplify the conversion of different types of private money, and improve cross-border payments, settlement finality, and security for a wide range of financial assets. Central banks worldwide are experimenting with CBDCs to improve wholesale settlements, with the BIS leading many projects.

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