The Central Bank of France announces to test its CBDC

Bank of France is the latest central bank that announced to test its central bank-backed digital currency. The central bank of France will test central bank-issued digital currency in the Q1 of 2020.

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.

 

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.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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