France Expresses readiness to test its own cryptocurrency in 2020
The governor of France’s central bank , François Villeroy de Galhau has disclosed that the country is looking to be the first to issue a digital currency, while speaking to the French regulator for banks and insurance, the ACPR.
In his statement, he expressed:
“We intend to start experimenting quickly and launch a call for projects (for private sector players) by the end of the first quarter of 2020.”
The anticipated digital currency is designed to initially be used between banks rather than by citizens, as according to Villeroy a digital currency for retail would require “special vigilance.”
He further stated: ”Thresholds on the amounts of anonymous transactions, as is already done in France for payments in electronic money or cash, is likely to be introduced for this purpose,”
The Governor said there are three benefits in inventing a digital euro. one of which is that It could guarantee customer access to central bank money, where cash is becoming unstable in value. Secondly, it could be more efficient to tokenize the euro, particularly for settlement and after-market activities. Thirdly, it would keep the sovereignity of central banks in light of rivals like Facebook‘s Libra.
Facebook Libra on the other hand is presently gathering more popularity and outreach than most existing digital currencies.
In his tweet, Banque De France said:
“« Je vois un intérêt à avancer rapidement sur l’émission d’au moins une monnaie digitale de banque centrale de gros afin d’être le 1e émetteur au niveau international et tirer les bénéfices réservés à une monnaie digitale de banque centrale de référence », F. Villeroy de Galhau”
Traslated in English Language thus: ”I see an interest in rapidly advancing the issuance of at least one wholesale central bank digital currency in order to be the leading issuer internationally and derive the profits earmarked for a reference central bank digital currency”,