The Banque de France has named eight firms it will work with to develop a central bank digital currency.
The firms will help test applications for interbank settlements.
They include HSBC, Accenture, SocGen and others.
They’ll look at new ways of exchanging financial instruments for central bank money.
What does this mean?
The firms will also look to test settlements so they can improve conditions for cross-border payments. The central bank says that its experiment will contribute to the “global reflection” of the value of a central bank digital currency.