The Banque de France completes the CBDC pilot
In today’s digital banking news, the Banque de France completed its central bank digital currency (CBDC) test, while around 60,000 loans were distributed in the first week of the reopening of the Paycheck Protection Program (PPP). Additionally, the CEO of Goldman Sachs says he doesn’t think the current boom in Special Purpose Acquisition Companies (SPACs) is sustainable.
The Banque de France has successfully completed its CBDC pilot, with a blockchain infrastructure for interbank settlement. The effort involved a settlement on a private blockchain provided by UK newcomer SETL of around € 2m (around $ 2.4m). The Banque de France published a request for applications for a CBDC pilot last year.
About 60,000 loans totaling $ 5 billion were granted during the first week of the newly reopened PPP. The US Small Business Administration (SBA) relaunched the program on Jan. 11, with the first few days being spent with community and smaller lenders such as the Community Development Financial Institutions (CDFI) Fund.
Goldman Sachs CEO David Solomon said he doesn’t believe the current PSPC boom can last. Companies or investment groups create PSPCs to raise funds through the sale of shares to the public or to entities such as private equity funds. Then, a SAVS mobilizes the funds to buy a business. SAVS are created as shell companies only to introduce companies on the stock exchange that do not wish to go through the typical initial public offering (IPO) process.
Volante Technologies is working with Citi to accelerate the adoption by the financial company of the ISO 20022 financial messaging protocol. Citi will build its core ISO 20022 functionality with the VolPay offering for the ISO 20022 migration of Volante which will enable the transmission of ISO 20022 messages in plus the use of ISO 20022 enhanced data.