After a report that the European Central Bank is considering the possibility of launching its own digital currency, we get more similar news from France where the central bank is looking to test its own digital money in 2020, according to news site AFP.
On Wednesday, at the conference hosted by the French Prudential Supervision and Resolution Authority (ACPR), France Central Bank’s governor François Villeroy de Galhau said that the bank will start testing cryptocurrency very soon and “will launch a call for projects before the end of the first quarter of 2020,”. Later, The Bank of France confirmed the news on Twitter.
According to the report, the digital currency project will initially only be available to the private financial sector and won’t involve any retail or personal transactions. Villeroy de Galhau reportedly stated that any further developments of digital currency for retail customers would “be subject to special vigilance.”
Villeroy de Galhau noted that the main goal of the initiative is to strengthen the efficiency of the French financial system while ensuring trust in the currency. The project will aim to establish clear advantages of publicly issued digital currency over any private cryptocurrency projects such as Facebook’s Libra. Financial regulators in France, as well as some other countries, has warned Facebook that it would impose a ban on Libra if it will be launched. Now, according to a tweet by the central bank, it wants France to become the world’s first country to launch a central bank digital coin. Villeroy de Galhau said it was particularly crucial at a time when:
“private initiatives – especially payments between financial players – and technologies are accelerating, and public and political demand is increasing.”
The governor also hinted that the bank will look to cooperate with “industry innovators from the private sector” to develop the currency. Villeroy de Galhau acknowledged that the launch of the digital currency would benefit the whole eurozone and potentially could lead to an introduction of digital euro.
“Our actions will naturally contribute to the work of the Eurosystem, which should make looking into the possibility of an ‘e-euro’ one of its next focuses,” he said.
Image Source: Flickr
As New Policy Goes into Effect Google is Running Crypto Ads Once Again
Australia’s Oldest Crypto Exchange Partners with Mastercard, in Offering Country’s First Crypto Payment Card
5+ Best Crypto Futures Trading Platforms | Bitcoin Derivatives
Ripple Files Petition Requesting Discover of Relevant Info from Binance’s Subsidiary
Analyst Predicts Big Bull Run as Tether Whales Move 374,000,000 in Crypto
Recent Press Release
How Blockchain Technology Will Shape the Future of Online Gambling?
Cryptocurrency uses blockchain technology, and this tech ensures the security and anonymity of financial transactions. Many industries have embraced blockchain,...
Cryptos like ETH/USD, BTC/USD dancing to the tune of tweets by Tesla CEO Musk in absence of any Crypto trading regulator:
In February of 2021, Elon Musk tweeted that he found the prospect of holding Bitcoin ‘adventurous’ for an S&P 500...
Earning By Mining, Is a Klondike Of The 21st Century. Mining-Tron.Com
Mining-Tron.com is a company that started its history in 2018 in the cryptocurrency mining market. According to the zephyrnet.com, in...
You May Not Have Known These Bitcoin Facts
However, even though Bitcoin is the most well-known cryptocurrency network globally, there are several aspects of it that you may...
DeFi Coin (DEFC): Live Trading on BitMart is Coming on July 19th!
Decentralized finance is playing an increasingly important role in the crypto world. It is all the less surprising that DeFi...