The Banque de France commends the decision by the Eurosystem to provide in the short term wholesale central bank digital currency for innovative market infrastructures

The Eurosystem announced on 20 February 2025 the decision of the Governing Council of the European Central Bank (ECB) to expend its initiative to settle transactions recorded on distributed ledger technology (DLT) in central bank money following two parallel tracks:

Mise en ligne le 24 Février 2025

Track 1 - As soon as feasible, the Eurosystem will develop and implement a safe and efficient platform for such settlements in central bank money through an interoperability link with TARGET Services;
Track 2 - The Eurosystem will look into a more integrated, long-term solution for settling DLT-based transactions in central bank money. This will also include international operations, such as foreign exchange settlement.

The Banque de France has been fully committed to this innovative journey since 2020, conducting in 2024 alone 19 trials and experiments. The Eurosystem initiative will contribute to establishing an integrated European market for digital assets, in line with the Governing Council’s call for promoting a digital capital markets union in its statement of 7 March 2024.

In the short run (Track 1), the Banque de France will be happy to contribute to the Eurosystem’s work to develop and implement a safe and efficient platform, building on the combination of the three interoperability solutions provided by the Deutsche Bundesbank, the Banca d’Italia and the Banque de France and tested during the exploratory work in 2024.

For more information, see the replay of the recent Banque de France conference on the future of financial market infrastructures, available on YouTube.
Download the full ECB communiqué

About the Banque de France

The Banque de France is an independent institution with three core tasks: monetary strategy, financial stability, and the provision of services to the economy and society. It contributes to the definition of euro area monetary policy and ensures its implementation in France. It supervises banks and insurance companies, and works to mitigate risks. It also offers a range of economic services to businesses and private individuals.

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