Today the Banque de France announced the results of a central bank digital currency (CBDC) transaction conducted on December 17. It involved the subscription and redemption of fund units on IZNES’ private blockchain. IZNES is the French fund administration platform developed by SETL that uses SETL’s enterprise blockchain technology.
Last March, the central bank announced it would run a series of wholesale CBDC trials with eight organizations, and IZNES was one of those. Given the experiments’ wholesale nature, the primary use cases are for capital markets or trading transactions. The advantage is that having a digital currency on a blockchain enables instant settlement, and in the case of fund unit tokens, delivery versus payment.
IZNES created a consortium which, apart from SETL, includes SETL’s investor Citigroup, Caceis, consultants DXC, Groupama Asset Management and OFI Asset Management.
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