France to Test Central Bank Digital Currency in 2020

France is planning to test the Central Bank Digital Currency in 2020. That is according to the François Villeroy de Galhau, the governor of the Bank of France.

05 December, 2019 | AtoZ Markets – At a conference, the governor of the central bank, François Villeroy de Galhau, said that the bank would soon start testing the digital currency. And it will launch a call before the end of the first quarter of 2020. The conference organized on Wednesday by the French Prudential Supervision and Resolution Authority (ACPR).

France Central Bank Digital Currency

According to Villeroy de Galhau, France is interested in contributing to the innovation of digital money. However, he also warned that the country needs to experiment with the new technology “seriously and methodically.”

The news came in the heels of the French Minister of Economy and Finance, Bruno Le Maire, at a meeting of the European Union (EU). He is called for the creation of a “public digital currency.” The minister had previously opposed Facebook’s Libra cryptocurrency project. And he said that France would block the project if it did not address concerns about the potential threat to monetary sovereignty.

Meanwhile, the People’s Bank of China is also experimenting with its own digital currency, the DC / EP. The bank said it has been studying the new technology since 2014 and is “almost ready” to launch it. However, a recent announcement by the bank said it was still testing the digital yuan. And it is researching that, without disclosing the launch date.

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France Crypto and Blockchain Technology

France appeared to be at the lead of adopting crypto and blockchain technology. Meanwhile, its government launched and encouraged several industry-related projects.

At the end of November 2019, the first deputy governor of the Banque de France called for blockchain-based settlements and payments systems in Europe. The French Armies and Gendarmerie’s Information and Public Relations Center validated the legal costs incurred during investigations on the Tezos (XTZ) blockchain.

France has also become one of the leading adopters of the largest cryptocurrency, Bitcoin (BTC). Mid-October, the French start-up Keplerk has relaunched its service. That is to accept Bitcoin payments in more than 5,200 tobacco shops in France. At least 30 French retailers planned to launch Bitcoin payment support in more than 25,000 outlets by early 2020.

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