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Crypto Disruption: French Central Bank to Start Testing Its Own Cryptocurrency in 2020

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  • Alex Dovbnya
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    The Bank of France could become the very first central bank to launch its own cryptocurrency

Crypto Disruption: French Central Bank to Start Testing Its Own Cryptocurrency in 2020
Cover image via u.today
Contents

According to French news agency AFP,  the Bank of France, Banque de France, will start testing its own cryptocurrency in 2020. Such an announcement was made by the bank's governor François Villeroy de Galhau on Dec. 4. 

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Libra threatens Europe's sovereignty 

In his speech, Villeroy de Galhau states that the "center of gravity" in the realm of payments is shifting towards big tech players. Since these corporations are based in other regions, the emergence of non-bank players could threat the sovereignty of Europe.

He further says that Bitcoin, the volatile cryptocurrency with "perhaps no real value," preceded the advent of stablecoins. However, despite making cross-border payments more efficient, the second generation of digital assets still incurs "financial and political risks." 

"Of course, as central bankers and supervisors, there is no question of us standing by and letting this change happen unchecked. We have to remain fully committed to our dual objective - safeguarding confidence/supporting innovation - which is written into the very DNA of our institution."

Back in September, the governments of France and Germany ostracized Facebook's Libra project, vowing to block their rollout.    

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Taking a call for innovations 

According to Villeroy de Galhau, the Bank of France now plans to create its own central bank digital currency (CBDC) as its answer to payment solutions that are offered by private companies in the likes of Facebook. The French central bank will be reorganized in order to create a new division that will focus on implementing payment innovations, including a CBDC. 

The Bank of France is expected to start testing its own cryptocurrency as early as next year. 

"Additional skills will be recruited to strengthen its expertise, and, with the help of our Lab, the DIIP will work with industry innovators from the private sector: we want to start running experiments rapidly and will launch a call for projects before the end of the first quarter of 2020." 

France is not alone. As reported by U.Today, the People's Bank of China (PBoC) has been working on its digital currency for years

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst

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  • Yuri Molchan
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    A crypto analyst says that Bitcoin follows ‘standard crypto games’ and expects BTC price to surge to $8,200 before making a market reverse

Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After Bitcoin bulls reclaimed the $7,400 level earlier, the flagship currency is holding in the $7,500 area. A crypto analyst says that these are ‘standard crypto games’ – Bitcoin is likely to surge into the $8,000 area before plunging again.

Bulls, get ready to rock - $8,200 on the horizon

At press-time, Bitcoin is swapping hands at $7,544. For a long while prior to that the price was trading flat in the $7,200-$7,300 area.

However, on Friday, the Bitcoin price managed to recover to the $7,500 level.

BTC price CMC
Image via CoinMarketCap

The analyst @CryptoMichNL reckons that Bitcoin is following a standard pattern of the volatile crypto market and is going to please the bulls before giving them a nasty surprise of a bearish reversal.

‘Bitcoin halving is the main catalyst’

The next Bitcoin halving programmed by Satoshi Nakamoto, the Great and Terrible, is to happen in May 2020. Many in the community believe it to accelerate the Bitcoin price surge since miners have not priced it in.

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Doubts about the BTC halving impact

However, a co-founder of the Morgan Creek Digital Jason Williams, the less Twitter-active than his colleague Anthony Pompliano, reckons that the Bitcoin price is likely to dip after the halving. The thing is that miners are going to get twice as fewer BTC for each new block than now and many of them are going to have to sell their BTC to pay the bills.

Besides, chances are high that small mining pools will quit since mining will stop giving them enough profit.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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