Blockchain Lab To Be Launched By France`s Central Bank

Blockchain Lab To Be Launched By France`s Central Bank

The Banque de France has announced its decision to open a blockchain innovation lab. This move is part of the bank`s strategy that aims to work closel

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The Banque de France has announced its decision to open a blockchain innovation lab. This move is part of the bank`s strategy that aims to work closely with blockchain start-ups, cryptocoinnews.com has reported.

“The artificial intelligence and chatbots you are developing will help us respond more effectively to the public’s needs; big data, machine learning and biometrics will help us to better prevent fraud; blockchain technology and smart contracts will help to optimise transactions; and your APIs (Application Programming Interfaces) and open source technologies will help to make financial technologies more interoperable”, said François Villeroy de Galhau, Governor of Banque de France, in a speech delivered at the Paris FinTech Form that took place on 25 January 2017.

Galhau added that “the digital revolution is creating challenges but also incredible opportunities that are just waiting to be seized, whether by FinTechs themselves, by the entire financial system or by the French and European economy as a whole.”, as cryptocoinnews.com wrote.

A new blockchain innovation lab is opening, so that the FinTech sector can be explored further. The France`s Central Bank has already hosted 100 key innovators since the FinTech Innovation Unit was launched, as explained by them in an interview with cryptocoinnews.com. Also, the bank has set up a FinTech Forum with Autorité des Marchés Financiers (AMF) to increase the bank’s interaction with innovators.

The digital revolution has already disrupted the way traditional banks work. As the French bank explained before cryptocoinnews.com, in 2007 62 percent of French people visited their bank branch several times a month. In 2016, the number has decreased. More specifically, only 20 percent, 13 percent of which belonging to the 18-34 age group, has visited its local bank branch, reads on cryptocoinnews.com.

Galhau has concluded that France`s Central Bank is fully mobilized to launch the blockchain innovation lab soon, as cryptocoinnews.com reported.

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