Societe Generale performs the first financial transaction settled with a Central Bank Digital Currency

21 mai 2020

The Banque de France and Societe Generale have tested the use of a blockchain platform to settle a transaction with a central bank digital currency.

Societe Generale SFH, the covered bond vehicle of Societe Generale, issued €40 million of covered bonds (“obligations de financement de l’habitat” or “OFH”)) as security tokens directly registered on a public blockchain. Rated Aaa by Moody’s and AAA by Fitch, „these OFH Tokens were fully subscribed by Societe Generale which simultaneously paid the issuer in a digital form of euros issued by Banque de France through a blockchain platform.”, Societe Generale says.

„This experimentation was performed end-to-end using blockchain infrastructures, in accordance with best market practices. It demonstrates the feasibility of financial securities being digitally settled and delivered in Central Bank Digital Currency (CBDC) for interbank settlements.”, according to the press release.

The challenge of this experimentation is to identify how innovative technologies could improve the efficiency and fluidity of payment systems and financial infrastructures, allowing a better financial sector to ensure the smooth financing of the economy.

„It paves the way for the automation and shortening of payment processes, with simplified market infrastructures and strengthened security.”, Societe Generale said.

This transaction follows in the footsteps of an initial issue worth €100 million in security tokens by Societe Generale SFH on 18 April 2019, which was settled in the traditional manner in euros.

„It seals a new stage in the development of Societe Generale Forge platform, aimed at promoting new blockchain-based market activities.”, the bank added.

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Adrian Vasilescu – consilier de strategie al guvernatorului BNR

„O singură provizie am făcut, de card, pentru că nu mai umblu cu banii în buzunar. Banii sunt cei mai periculoși când este vorba de răspândirea unei molimi. Am renunțat la cash. În rest, este o prostie să faci provizii. Dacă vine o molimă și nici nu știi când va ajunge, dacă ar fi să se întindă, pe cât timp să poți să faci provizii? Faci provizii pe trei săptămâni, pe patru săptămâni și mai departe?”, a spus consultantul.

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?