Fiat currency, but digital – The critics murdering bitcoin (BTC) coming from Bank of France (BdF) are well known in the French cryptosphere. On the other hand, when it comes to copying the blockchain technology of cryptos to issue a Central Bank Digital Currency (MNBC), there, the BdF is dithyrambic. And precisely, thedigital euro would be fast approaching.
The Banque de France does not want to go it alone for the e-euro
During the Paris Europlace International Financial Forum, which took place on July 12, 2022, Francois Villeroy de Galhauthe Governor of the Banque de France, gave a speech on central bank digital currencies.
It front of fears of commercial banks Regarding the MNBCs, the governor of the BdF wanted to reassure them. Already, concerning a digital euro said details (Where retail CBDC) for individuals:
“1. Our means of payment are and must remain a partnership between central bank money and commercial bank money;
2. Even if the use cases are not yet definitively fixed, there are several serious reasons to consider issuing a digital euro;
3. Our possible future digital euro must be designed and developed together, and be as decentralized as possible. »
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The wholesale MNBC (between bankers): the preference of the BdF
But this form of e-euro is not the one Mr. Villeroy de Galhau. The central banker seems even more enthusiastic for a digital currency said wholesale (Where wholesale CBDC). However, the citizens would not see the color, since the latter would not be exchanged only between banks and financial institutions.
The Banque de France would also be ” in the first line “ on this wholesale digital euro. Its governor indeed explains that the BdF has “successfully completed the first phase” of its programexperimentation of such an MNBC. Tests were carried out during 9 separate experiments, carried out during the year 2021. Mr. Villeroy de Galhau thus announces that the second stage of this program begins with this second semester of 2022. It will include “4 or 5 experiences”.
“We want to get closer to a viable prototype and test it in practice with more private players and foreign central banks in the second half of 2022 and in 2023. This work clearly shows that we stand ready to bring money from central bank as a settlement asset from 2023 (…)”
The Banque de France therefore seems to be more hurry to release a digital euro that the European Central Bank (ECB)! Indeed, the European banking authority is considering this digital version of the single currency rather by 2026.
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