In the first three months of 2020, the Central Bank of France will test a Digital Currency. This French Central Banks pilot program is initially targeting financial institutions for the distribution of their (CBDC) central bank digital currency.
The governor of the central Les Echo a French commercial publication reported on December 4th. That Francois Villeroy de Galhau revealed, the central bank would begin testing the digital project before the end of first quarter in 2020. The central bank of France plans to pilot a central bank digital currency (CBDC) for this was confirmed later on Twitter by the bank of France itself, the new tooth that the official announcement was made by two significant French financial regulatory as a co-host of the conference. The Prudential supervision and resolution authority of France and Authorise des marches financier.
Initially, this pilot project will not into payments made by an individual; it will only Target players in the private financial sector, according to the report. I should be noted that Villeroy Stated that digital currency for the retail market would have to be vigilantly regulated. As reported in Les Echo intentions of this initiative are two-fold, to ensure that the currency is a trusted end to increase efficiency within the French financial system.
The French Central Bank has designs on preventing the impact of Libra; this project specifically Ames to retain Francis sovereignty in the face of initiatives such as a stablecoin called Libre, which is backed by Facebook. This statements previously made by Bruno Le Maire Frances Minister for Finance, who had argued that the time that they cannot allow Libra to launch on European soil primarily because of beard surrounding monetary sovereignty.
The same report reviewed that font is spearheading the effort alongside Spain, the Netherlands, Italy, and Germany. Villeroy has to called France to be the first country to issue their own CBDC. The governor of the Central Bank of France recently tweeted, that France should present a model for other jurisdictions to follow, by becoming the first country ever to issue a CBDC. In a further statement, he expressed interest in rapidly publishing at least a single CDBC to be the first to do so globally and read the rewards of being directly associated with providing a fantastic CBDC.
Meanwhile, the French government is actively encouraging several high-end industrial projects that are designed to put brats at the Forefront of blockchain technology and cryptocurrency. Last November, The Bank of France’s first Deputy Governor stated that blockchain payment and settlement systems should become normal around Europe.
With all these recent developments in blockchain, France is rapidly emerging as a significant player, at the Bitcoin Market. As of October French crypto startup relaunched service to allow to accept Bitcoin payments in over 5,000 tobacco shops around France.