According to the AFP report, in a conference hosted by the French Prudential Supervision and Resolution Authority (ACPR), the governor of the central bank of France said that the bank will start testing digital currency soon and will launch a call for projects before the end of Q1 of 2020.
“France is keen on contributing to the digital currency innovation.”
According to the governor of the Bank of France, the country is keen on contributing to the digital currency innovation. He also warned that the central bank needs to experiment with the new technology seriously and methodically. France has been at the forefront of promoting and adopting blockchain technology. Last month, the deputy governor of the Bank of France called for a blockchain-based settlement and payment systems in Europe.
« Je vois un intérêt à avancer rapidement sur l’émission d’au moins une monnaie digitale de banque centrale de gros afin d’être le 1e émetteur au niveau international et tirer les bénéfices réservés à une monnaie digitale de banque centrale de référence », F. Villeroy de Galhau
— Banque de France (@banquedefrance) December 4, 2019
The pilot project will only target the private financial sector.
According to the AFP report, the digital currency pilot project will be targeted at financial sector players and would not involve retail payments made by individuals. The governor noted that digital currency for retail customers would be “subject to special vigilance.” Villeroy de Galhau reportedly said that the project aims to assert France’s sovereignty over private digital currency like Libra. The Central Bank of France also aims to become the first bank to issue a CBCD.