France is one of the countries at the forefront of the debate on digital currencies, CBDC and, of course, the controversial Facebook Libra project. Recently, the discussion has intensified, especially after the French parliamentarians met with French Minister of Economy Bruno Le Maire to discuss the benefits of introducing blockchain technology in the banking sector.
France was one of the first countries to issue rules for crypto assets. In addition, the recent manager of the Bank of France Francois Villeroy de Galhau, noted that for all the benefits of cryptocurrencies, central banks, and not private companies, should be responsible for their release, which many interpret as a “stone in the garden of Facebook”.
Deputy Laure de La Raudiere, who has already spoken out about the benefits of adopting the blockchain, and another member of the French National Assembly (Pierre Person), have called Bruno Le Maire to buck up banks to examine digital stablecoins. Deputies noted that this is very important for the development of the blockchain ecosystem and predicting the appearance of foreign players on the field.
“We have no desire to destabilize the business model of commercial banks, but they must quickly address the issue of stablecoins issued on the initiative of the central bank” said Pierre Person.
Laure de La Raudiere also added that French banks will occupy leadership positions if they engage in blockchain and study this technology right now. However, contrary to what the Governor of the Bank of France said, the deputy believes that commercial banks, not the central bank, should play a leading role in the field of digital currencies:
It is commercial banks that must deal with the issue of digital currencies, but there must also be momentum from the European Central Bank.
The last item discussed during the meeting was the law, which strengthens the legal certainty and access of crypto enthusiasts to banking services.