Rumors involving countries issuing their own digital currencies continue to persist. The next country to do so could very well be France, depending on how one interprets the message conveyed.
A recent conference conducted by ACPR paints an interesting picture.
The French Digital Currency Does Exist
Bank of France Governor Francois Villeroy de Galhau is a fan of central bank-issued digital currencies.
So much even that an in-house project has apparently been in development for some time now.
This digital currency will undergo rigorous testing in the year 2020, albeit little specifications were shared at this time.
It is expected that the first results will be made public near the end of Q1 2020.
As one would expect, this digital currency will not be accessible to regular consumers or even corporations.
Instead, it will only be used for intra-bank settlements, which makes some degree of sense.
It is a bit unclear if this new French currency will have anything to do with the Euro.
After all, only the European Central Bank would be eligible to issue a virtual Euro.
This also appears to be another way of getting out from under the US-dominated payments infrastructure found all over the world.
Companies such as Visa, Mastercard, and others have a firm control of the market
For years now, there have been rumors of how this status quo needs to be broken through innovative ventures.
Digital currencies issued by central banks can certainly play a crucial role in this regard.