French Central Bank to begin testing state cryptocurrency next year

The head of the French Central Bank, François Villeroy de Galhau, said the bank will begin testing the state cryptocurrency for financial institutions in the first quarter of next year.

The Central Bank confirmed this information on the social network Twitter, noting that when testing a new technology, it is necessary to use a “serious and methodical approach”. This issue was discussed at a conference organized by the Office of Prudential Control and Crisis Resolution, as well as the Office of Financial Markets.
The Bank also stated that the project is aimed at private financial sector participants and is not intended for retail payments. According to Villeroy, such an initiative will strengthen the financial system of France and provide confidence in the currency, reducing the influence of stablecoin Libra.

Villeroy’s position is consistent with previous statements by the French finance minister, Bruno Le Maire, who argued that Libra should not be allowed to enter Europe, or countries could lose their sovereignty in monetary policy.

“France should be the first country to issue its own digital currency and become a model for other jurisdictions,” said Villeruoy, expressing interest in the early launch of stablecoin.

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Recall that last month, the Central Bank of France called for the creation of a blockchain-based settlement system that will allow the euro to move in the Eurozone as quickly as possible and at the lowest cost.

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