It is ironic that despite the pushback cryptocurrency experienced in the first few years of its existence, both from the public and private sector, it has become embraced by many countries of the world, particularly with several such as China, the Bahamas and the British virgin islands announcing that they will be developing their own national cryptocurrency. This shows just how far crypto has come in terms of acceptance and also shows that it is truly the currency of the future. Even as the world waits for China to release more information about the upcoming digital token, more countries seem to be joining the bandwagon.
It seems France is the next country to do this as François Villeroy de Galhau, the governor of the Bank of France, announced that the central bank will begin testing its digital euro by the end of the first quarter of 2020.
France Goes Crypto
The news was reported first on December 4, 2019, and was then confirmed by the bank of France via Twitter and they also stated that the announcement was officially made at a press conference call hosted by the French Prudential Supervision and Resolution Authority and the Autorité des marchés financiers.
In its initial launch, the digital currency will target only private players in the financial sector and will not involve retail payment by everyday people. However, should such a token come out that is designed for retail payments, special vigilance will need to be conducted for it according to the report. This move is also seen by some as a means for them to establish sovereignty over private tokens such as Facebook’s upcoming Libra token. It should be noted that a number of regulators around the world have expressed concern about a token such as Facebook’s undermining financial sovereignty in the world and this could just be France’s response to that.
It was also stated in a tweet by the bank of France that France will likely become the first country to launch its Central Bank digital currency and that they hope to set an example for the rest of the world.
“I see the interest in rapidly advancing the issuance of at least one central bank digital currency in order to be the leading issuer globally and get the benefits associated with providing an exemplary central bank digital currency,” they said.