The head of the Central Bank of France opposed private cryptocurrencies

The head of the Central Bank of France, Villeroy de Gallo, confidently advocates the release of state digitalcurrencies In his opinion, cryptocurrency will become an alternative to fiat money in the future, but the state and regulators must take them under strict control and prevent the issuance of private currencies.

Villeroy admits that the circulation of cashis declining significantly in most European countries. Sweden and the Netherlands have already stated the minimum circulation of cash in the country. The release of a national digital currency in such conditions is more than logical. 

Experts share a similar opinionInternational Monetary Fund, considering the release of CBDC inevitable. In their opinion, the timely release of a centralized digital currency will prevent the emergence of closed, unregulated ecosystems based on private digital coins like Libra.

Central banks around the world are consideringthe ability to create your own digital currencies in order to prevent the emergence of a private cryptocurrency that could undermine the state currency monopoly. 

The largest economies have already begun exploring optionstranslate CBDC ideas into reality. European banks have already teamed up to develop national cryptocurrencies. In Davos, they published instructions that will help central banks develop and launch digital currencies.