During his speech, the deputy governor of Banque De France also asked central banks in Europe to consider issuing CBDC. He said that the tokenization of financial assets combined with the recourse to blockchain-based solutions and more broadly Distributed Ledger Technologies (DLT) to store and transfer those assets could help in answering the market’s demands.
“Blockchain can help in cross-border settlements.”
Dennis Beau acknowledged that members of the European Union and other regions have to suffer long periods of waiting for payments to get transferred between international banks. He added that such long processes attract high fees and generally insecure services.
According to the deputy governor, tokenization of the banking space would end the pressing problems. He further added that a combination of tokens and the Distributed Ledger Technology would aid in securing easy money transfers and addressing market demands.
Banque De France advocates the adoption of blockchain technology.
The central bank of France, Banque De France, has been advocating the adoption of blockchain technology for a long time. Dennis Beau informed that Banque De France has been the pioneer central bank to have a blockchain-powered registry system globally.
Earlier, the deputy governor asked for a more global approach to regulate crypto assets. He also asked central banks to experiment with their own digital assets.