The Bank of France: Will Test a Crypto-euro as early as 2020 but experts and Deputies want more.

After the European Central Bank just a few days ago, it is the Bank of France that is now calling for a crypto-euro to be tested as soon as possible. An experiment should be launched as early as 2020, but exclusively for financial institutions. However, experts and MEPs call on the institution not to limit itself to mere experimentation in the face of the threat of private currencies.

The Governor of the Bank of France has launched a call for a digital euro

Last 04th of December, it is through the voice of its governor, François Villeroy de Galhau, that the Bank of France (BdF) has announced that it wants to set up tests for a digital currency of banq (CBDC), for use by banks as early as next year.

In the BDF’s twitter account, François Villeroy de Galhau said:

“We must make our contribution to the edifice of this innovation [that is digital currency], but in a serious and methodical way (…) I see an interest in moving quickly on issuing at least one digital wholesale central bank currency, in order to be the 1st issuer internationally, and reap the profits reserved for a digital currency of reference central bank, “.

The Governor encouraged his European counterparts to “seize this injunction to innovation”. But will the French institution itself seize it?

Several French MPs involved in digital issues have taken a stand.They call on the Bank of France to carry out the experiment until its completion.

The deputies want more…….

Laure de La Raudière, Pierre Person and Jean-Michel Mis “rejoice” in the announcement of the governor of the BoF, but also declare themselves “vigilant”.They hope that the tests on “wholesale” transactions will effectively open the door “to a settlement of financial transactions in E-euros.»

For those MePs close to the majority, a “digitaleuro on blockchain” for the general public is a necessary, if not unavoidable, way to compete with digital or stable currencies promoted by private consortia, such as Libra.

The elected representatives therefore insist that the experiments should be accompanied by a real desire to achieve the “creation of an E-euro” that can be used for all regulations.And it’s fast. Only “rapid action” guarantees “not to give private initiatives time and opportunity to impose themselves on the general public.

To follow….


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