Banque de France joins a blockchain foundation

Banque de France has just become a member of the Hyperledger blockchain foundation. However, the rationale behind it may not be favorable for the cryptocurrency.

The Banque de France finds interest in the blockchain

As France continues to renew its interest in blockchain, particularly through the new digital minister, banks are following suit. Indeed, the crypto services offered by traditional establishments are diversifying and the Banque de France is no stranger to the phenomenon.

In fact, he just joined the Hyperledger Foundation. Intended to provide an ecosystem for building blockchain solutions for businesses, the foundation enables developers and industry players to collaborate together. By becoming a member, the Banque de France participates in the establishment of the Hyperledger Global Forum 2022 of which it is speaker.

The event, which is taking place right now in Dublin, would bring together various companies and authorities interested in blockchain technology. However, for the Banque de France, it’s not about bowing to Bitcoin and other cryptocurrencies. Indeed, it would seem that the authority is only interested in the blockchain to develop its CBDC.

According to the release of the Hyperledger Foundation, yesterday the BDF would have participated in a panel dedicated to the latter. The opening of large banks to cryptocurrencies may therefore not be on the agenda for the moment.

Source: Karen Ottoni’s Twitter account

CBDCs are gaining ground in Europe

The European Central Bank has repeatedly expressed concern over the popularity of cryptocurrencies. A fear shared by the UN, for which digital currencies would be the open door to the diversion of money. While the European Union is still working on future cryptocurrency regulations, some banks are attacking the sector. While the establishment of a digital euro is still under discussion, many countries have not waited to offer their own currency.

Last spring, the Norwegian central bank announced the development of its CBDC through the Ethereum infrastructure. Likewise, Ripple would soon participate in a digital currency development program in agreement with the US government. A help that could prove invaluable to Bank of America and that could lead to the faster-than-expected advent of a CBDC in Uncle Sam’s country. Only the UK would have preferred the development of a CBDC, such a coin outside the blockchain.

Be that as it may, central banks appear to be leveraging this technology, with allies such as Ripple and Ethereum. In the distant future, one could imagine a transformation of the sector in which it would find continuity in CBDCs. For now, the competition between Bitcoin and traditional finance is still relevant.

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