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The Banque de France has completed the last of its interbank settlement in CBDC experiments, demonstrating the possibility of direct ledger interoperability in a hybrid cloud environment across multiple technologies and asset classes.
Launched in March 2020, the French central bank has been at the forefront of a prolonged programme to explore the potential of a digital euro, beginning with a series of tests across interbank settlement. Conducted in association with HSBC and IBM, the latest test case consisted of the issuance of a digital bond on a blockchain and its subscription with a settlement in CBDC. The programme entailed an end-to-end transactional lifecycle of digital assets, through issuance, subscription by several actors, and coupon payment involving a conversion into another currency. All those transactions occurred across different blockchain environments operated by HSBC for the custody of the assets, and by the Banque de France for the securities settlement and the CBDC. Distributed ledgers based on IBM’s Hyperledger Fabric and R3’s Corda were integrated using IBM Research’s Weaver interoperability tool
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