The financial regulator noted that the project will not include retail payments for citizens, it will affect a limited range of institutions.
The Central Bank of France will begin testing its national digital currency in the first quarter of 2020, writes Les Echos, citing the head of the department, François Villeroi de Halo. The financial regulator confirmed this information in his Twitter account.
The project will cover a limited range of institutions and will not affect retail payments for citizens. The head of the central bank added that consumer cryptocurrency requires special control, and when working with new technology, a “serious and methodical” approach should be used.
According to Les Echos, the initiative will increase the efficiency of the French financial system and provide confidence in the national currency. In addition, it also aims to strengthen the sovereignty of the country against the backdrop of private projects such as Libra from Facebook.
Earlier, the former chairman of the European Central Bank, Jean-Claude Trichet, said that cryptocurrencies cannot become the future of money. The financier opposed Bitcoin, as it “does not have the characteristics that a currency should have.”