France intends to launch its own digital currency in 2020
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Answer France intends to launch its own digital currency in 2020
Central banks’ interest in digital currencies is increasing day by day according to For Agence France-PresseThe Banque Centrale de France will start testing its own digital currency in 2020.
This announcement was made by the Director of the French Central Bank, Mr. François Villeroy de Galhau, yesterday, December 4th.
Libra currency threatens Europe:
Eat “Francois Villeroy de Galhau” in talking The payments industry is shifting towards technology players, and as these companies are stationed in other regions, the emergence of non-bank players could threaten Europe’s sovereignty.
He also says that bitcoin is a volatile cryptocurrency with no real value, predating the emergence of stablecoins.
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However, it offers cross-border payments more efficiently, so the second generation of digital assets still bears “financial and political risks”.
He added in his statement:
Of course, as conservatives and central watchdogs, there is no doubt that we stand by our side and allow this change to happen unchecked.
We remain fully committed to our dual goal – protecting trust and supporting innovation – which is written into our organization’s DNA.
Back in September, the French and German governments rejected Facebook’s “Libra” project, while pledging to block its introduction.
According to François Villeroy de Galhau, the Bank of France is now planning to create its own central bank digital currency (CBDC) as a response to payment solutions offered by private companies such as Facebook.
The French Central Bank will be reorganized in order to create a new department focused on implementing payment innovations.
The Banque de France is expected to start testing its own digital currency early next year.
Francois Villeroy de Galhau stated:
Additional skills will be employed to enhance expertise, and with the help of our lab, we will work with industry innovators from the private sector.
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We want to get the trials running quickly and will launch a call for projects before the end of the first quarter of 2020.
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