European experiment proves that national cryptocurrencies can be created within one day

The European Investment Bank (EIB) is completing an experiment with CBDC. For this purpose, the bank issued bonds that fully comply with Luxembourg’s regulatory rules and were settled using the central bank’s digital currency. As part of the Venus initiative, tokenized securities worth EUR 100 million were put into circulation.

The bonds were issued by banks appointed by the EIB. Settlements were made in the form of an experimental CBDC (a national cryptocurrency usually issued by a central bank). All the partners involved in the project were able to test the speed of the bonds' exchange for tokens. They made sure that thanks to digitalization, securities can be transferred to recipients on the day of issue.

During a press conference, the CFO of the French Central Bank, Nathalie Offre, said that digital assets could be put into operation in Europe within one day — of course, if there is political will and appropriate legislation developed and approved.

According to her, this was confirmed during the experiment. The Venus initiative has proven that the proper implementation of CBDC is essential for the security of digital assets.