April 23, 2024

Bank of France will test its digital currency in 2020

Bank of France will test its digital currency in 2020

France plans to test the digital currency of the central bank in the first quarter of 2020.

This was announced by the Governor of the Bank of France Francois Villera de Gaulle at a conference organized by the country's regulators.

According to the statement, the project is designedexclusively to financial institutions and does not provide for the use of digital assets by individuals for everyday payments. The aim of the initiative is to increase the efficiency of the financial system of France and ensure its reliability.

According to Villero de Gallo,the state is interested in stimulatinginnovations in the field of digital currencies in order to become a leading issuer of the world and take advantage of the introduction. However, he added that experiments with new technologies should be approached responsibly and methodically.

Although the Bank of France aims to be the first government agency to issue digital currency, it is likely to be ahead of the People’s Bank of China, which could launch the digital yuan in the coming months.