France seeks to create its own official cryptocurrency for large payments

The French central bank will start next year a development dedicated to high-value A move to trade digital currencies. Villeroy de Galhau told a conference in Paris that the agency hopes to start experiments “rapidly” and launch a call for projects by the end of the first quarter of 2020.

In practice, it is a digital form of the euro, the transmission mechanism of which can be based on a “blockchain” or blockchain. Villeroy de Galhau said the French experience would be involved in “a study of a possible ‘e-euro’ for the euro system, an issue that Christine Lagarde, the new ECB president, had already raised in the European Parliament on Monday..​

He added that a central bank digital currency at the European level would allow “strong leverage to assert our sovereignty against private initiatives such as [Facebook’s] Library.” JPMorgan Chase, the largest bank in the world, also recently announced a digital currency. According to the governor of the Bank of France, a virtual Euromoney could achieve “efficiency gains”, reduce “intermediation costs” and offer the possibility of “exchanging assets for fiat money”. (AFP)

France seeks to create its own official cryptocurrency for large payments