Bank of France reportedly to start testing digital currency in 2020

The Bank of France plans to launch its digital currency in 2020.
The pilot project to be deployed only for financial institutions.

Tanya Abrosimova Independent Analyst

The French central bank will its digital currency (CBDC)i in a test mode in the first quarter of 2020, AFP news agency reported.

Bank of France governor François Villeroy de Galhau said that the decision is made amid growing concerns among governments over new currencies planned by Facebook and others.

We want to start running experiments rapidly and will launch a call for projects before the end of the first quarter of 2020.

According to Villeroy de Galhau, France is interested in promoting innovation in the CBDC industry. However, he emphhasized that the technologies should be approached seriously and methodically.

The pilot project will involve only financial institutions. It means that the digital coin will not be available for retail payments made by retail customers as they would "be subject to special vigilance," Villeroy added.

Notably, in September, French Finance Minister Bruno Le Maire proposed creating digital euro. He believes that European countries should find the ways to increase speed and reduce costs of cross-border payments.

Meanwhile, the head of the European central bank Christine Lagarde expressed concern that the digital euro will change the transmission of monetary policy and affect the stability of the global financial system.

Author

Tanya Abrosimova

Independent Analyst

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