Banque de France (BOF), the French central bank recently carried out its fifth experiment on the Central Bank of Tunisia (CBT)’s central bank digital currency (CBDC).
According to a statement from BOF, the latest experiment is part of the banks’ joint effort to create conditions that are “conducive to a better inclusion of the Tunisian diaspora in Europe.”
Mohamed Sadraoui, a director-general at CBT, stated after the experiment that the CBDC platform’s success will likely “reinforce transparency, speed, and cost savings” for consumers. He went on to say:
The success of this experiment is an opportunity to start thinking about the deployment of alternative channels for cross-border transfers initiated by the Tunisian community in Europe to Tunisia
According to a news release, this experiment involves simulating the issue and settlement of unlisted securities as well as the settlement of listed stocks on a private blockchain.
Securities settlements were mimicked using a central bank digital currency that was issued on the blockchain.
However, in order for the BOF to issue and govern the circulation of CBDC tokens while ensuring that each transfer occurs simultaneously with the delivery of the securities, smart contracts had to be developed and deployed.
“This experimentation has helped appreciate the interest of the interbank MNBC for the execution of retail cross-border transfers by resorting to cooperation between commercial banks and central banks for the establishment of more efficient processes,” Nathalie Aufauvre, the bank’s director-general of financial stability and operations, said on behalf of BOF.
This experimental initiative, which began in March 2020 and is led by Liquidshare, includes a group of performers.
