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France To Test Cryptocurrency To Improve The Efficiency Of Financial System

France To Test Cryptocurrency To Improve The Efficiency Of Financial System

France To Test Cryptocurrency To Improve The Efficiency Of Financial System-techcryption

It is nothing new for a government to try or come up with their own digital currency at the moment, as many of the countries are looking forward on how to enhance and develop their economy. Among the countries that have ventured into this are Venezuela, Russia, Estonia, Sweden and a few more.

Recently, the central bank of France has decided to join the list and plans to pilot a central bank digital currency (CBDC) by the end of the first quarter of 2020. The authorities see this initiative as a means to improve the efficiency of the financial system and an anticipated response to the launch of Facebook’s future [su_tooltip style=”dark” position=”top” shadow=”no” rounded=”yes” size=”default” title=”Libra” content=”Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook, Inc.” behavior=”hover” close=”no” class=””]libra[/su_tooltip].

“A CBDC would help to preserve the trust in the financial system that stems in part from being able to exchange assets for legal tender.” “We as central banks must and want to take up this call for innovation”.

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Francois Villeroy de Galhau, governor of Bank of France

It is noteworthy that the Minister of Economy and Finance, Bruno Le Maire, who is very opposed to the future libra, has stressed the importance of not being outdistanced by other countries like China, who are advancing very quickly on their national cryptocurrency project.

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