France Proposes Plan to Launch a Digital Currency

Posted on Dec 5, 2019

France is reportedly in serious consideration of launching its own digital currency, with development to begin next year by the French Central Bank. The adoption of crypto seems to be infiltrating new ground, as the governor of the French Central Bank has expressed the desire to launch the digital currency before any other nation can do so.

François Villeroy de Galhau believes that France is wiling to endeavour in this new territory, with the launch of a digital Euro allowing the central bank to preserve its authority when private cryptocurrencies, such as Libra, are on the rise. He also states that it ensures consumers have access to money in the French Central Bank, as well as clarifying the appropriate use of the digital asset. Villeroy insisted that the digital currency would not be open to citizens of France for trading or owning, but its purpose would be for exchanges between banking institutions. In order to guarantee responsible transactions, regulations would be put into place to enforce limitations on the digital currency.