France to test national digital currency in Q1 2020
The Central Bank of France plans to test the central bank’s digital currency for financial institutions next year, local newspaper Les Echos writes, citing a statement from the head of the regulator François Villeroy de Galo. According to him, a pilot project for the issuance of a digital euro should start before the end of the first quarter..
The Banque de France confirmed this information on Twitter, noting that the announcement was made at a conference hosted by the country’s leading financial industry regulators..
According to the publication, the project will cover a limited range of institutions and will not include retail payments for citizens. The head of the Central Bank noted that consumer digital currency will require “special control”, and warned that when conducting experiments with new technology, a “serious and methodical approach” should be used.
Les Echos reports that the initiative aims to improve the efficiency of the French financial system and build confidence in the local currency. In addition, it will strengthen its sovereignty amid the emergence of private initiatives of a similar plan, such as the Libra stablecoin being developed by Facebook..
Earlier it became known that France is one of the leaders of the coalition, whose members want to prevent the spread of Libra in Europe.
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