The Banque de France & ProsperUs experimentation of cross border CBDC
Updated: Jul 16, 2021
ProsperUs has successfully delivered its prototype of cross-border transfer using CBDC technology (Central Bank Digital Currency)
The prototype was used by the Banque de France as part of its experiments on the CBDC. This experiment in particular was carried out in collaboration with the Central Bank of Tunisia, Thus, highlighting the collaboration of two central banks on the subject of the CBDC. The experiment made it possible to transfer an amount in Euros from a person in France to a person in Tunisia, thus making Tunisia the first country in the world outside the Euro zone to benefit from the advantages of this new Digital Euro technology. And to confirm its status as a pioneer in innovation in partnership with leading European institutions.
Each year millions of euros are transferred from Europe to Tunisia and in particular from France to Tunisia, and the use of these new channels will make these transfers faster, simpler and less expensive. Thanks to its technology, ProsperUs was able to set up a reliable, secure and instantaneous transmission channel between financial institutions in France and financial institutions in Tunisia.
The coordination between the participants in the experiment and the orchestration of the operations carried out by these different institutions to carry out these transactions was made possible thanks to the distributed ledger technology (DLT or blockchain) which made it possible to keep the state of the ledgers. and the different systems of the different participants in perfect synchronization and sharing a reliable state and a shared, certain, and verifiable "version of reality".
DLT (Distributed Ledger Technology) or Blockchain technologies will revolutionize economic exchanges around the world and in particular cross-border money transfers. ProsperUs, which works to facilitate the exchange of value through these technologies, confirms its status as a pioneer and leader in this field. ProsperUs focuses on this mission with the objective of promoting economic development and working for the prosperity and improvement of the daily life of thousands or even millions of people.
For more information on the experiment, you can read in full the Banque de France press release at this link.