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Central Bank of France calls for DLT and Blockchain to optimize the financial system

While attending the AFME Annual Capital Markets Technology and Innovation Conference on Nov. 21, Denis Beau, the first deputy governor of the Central Bank of France, expressed the need of implementing distributed ledger technology (DLT)-based settlements and payment systems in Europe.

He said, “The tokenization of financial assets combined with the recourse to blockchain-based solutions and more broadly Distributed Ledger Technologies to store and transfer those assets could help answering market’s demands.”

Beau is of the opinion that blockchain could help in gross and delivery-versus-payment processes, cross-currency settlement, resilience, and recovery from operational incidents. Talking about the implementation of blockchain based solutions in the financial system, Beau added, “We, at the Banque de France, are therefore quite open for experiments in that direction, together with the ECB and other central banks of the Eurosystem, in particular with regard to a wholesale Central Bank Digital Currency.”

However, he admitted that the applying blockchain does have its own set of challenges, and could potentially involve the risks of “disorderly approaches and heterogeneous adaptations of market infrastructures, in particular when it comes to the modalities of settlement.”

Last month, Beau commented, “With the emergence of so called crypto-assets […] and so called stablecoins, we may also see new settlement assets develop which may compete against and possibly, according to their promoters, replace commercial and central bank money as settlement assets at the center of our payment systems.”

The post Central Bank of France calls for DLT and Blockchain to optimize the financial system appeared first on BlockInspect . shares this Contents with License.

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