Bank of France to test its digital currency in 2020

France to Test Its Central Bank Digital Currency in Q1 2020 Official

Bank of France to test its digital currency in 2020

France plans to test central bank digital currency in Q1 2020.

This was announced by the Governor of the Bank of France, Francois Villière de Gallu, at a conference organized by the country’s regulators..

According to the statement, the project is designed exclusively for financial institutions and does not provide for the use of digital assets by individuals for day-to-day payments. The aim of the initiative is to improve the efficiency of the French financial system and ensure its reliability..

Bank of France to test its digital currency in 2020

According to Villiero de Gallo, the state is interested in stimulating innovation in the field of digital currencies in order to become the world’s leading issuer and take advantage of the implementation benefits. However, he added that experiments with new technologies should be approached responsibly and methodically..

While the Banque de France aims to be the first government agency to issue a digital currency, it is likely to be overtaken by the People’s Bank of China, which could launch the digital yuan in the coming months..

text: Ivan Malichenko, photo: Banque de France