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                    Contents
                    <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h252">Libra threatens Europe's sovereignty </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h362">Taking a call for innovations </a></li></ul>
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According to <a rel="nofollow" target="_blank" href="https://twitter.com/AFP/status/1202237644916346880">French news agency&nbsp;AFP</a>,&nbsp;&nbsp;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&nbsp;François Villeroy de Galhau on Dec. 4.&nbsp;

<a rel="nofollow" target="_blank" href="#">card</a>

Libra threatens Europe's sovereignty&nbsp;

In <a rel="nofollow" target="_blank" href="https://www.bis.org/review/r191204f.htm">his speech</a>,&nbsp;Villeroy de Galhau&nbsp;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&nbsp;incurs "financial and political risks."&nbsp;

<blockquote>
"Of course, as central bankers and supervisors, there is no question of us&nbsp;standing by&nbsp;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."
</blockquote>

Back in September, the governments of&nbsp;France and Germany <a rel="nofollow" target="_blank" href="https://www.reuters.com/article/us-facebook-cryptocurrency-france-german/france-and-germany-agree-to-block-facebooks-libra-idUSKCN1VY1XU">ostracized Facebook's Libra project</a>, vowing to block their rollout.&nbsp;&nbsp;&nbsp;&nbsp;

<a href="https://u.today/cryptocurrencies-shouldnt-be-issued-by-central-banks-says-former-fed-chair">card</a>

Taking a call for innovations&nbsp;

According to Villeroy de Galhau, the Bank of France now plans to create its own <a rel="nofollow" target="_blank" href="#/news/central-bank-cryptocurrency-can-arrive-faster-than-you-think-ing-chief">central bank digital currency (CBDC)</a> as its answer to payment solutions that are offered by private companies in the likes of Facebook.&nbsp;The French central bank will be reorganized in order to create a new division that will focus on implementing payment innovations, including a CBDC.&nbsp;

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

<blockquote>
"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."&nbsp;
</blockquote>

France is not alone. As reported by U.Today, the People's Bank of China (PBoC) has been working on its digital currency <a href="https://u.today/just-in-chinese-central-bank-to-launch-digital-currency-called-dcep">for years</a>.&nbsp;
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__TwigTemplate_625426e732c5f7a66fde6d628d98a6b2->doDisplay(Array, Array) (Line: 394)
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Twig\Template->display(Array) (Line: 62)
__TwigTemplate_e934e56c1e459c359b150360c7169113->doDisplay(Array, Array) (Line: 394)
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Twig\Template->render(Array, Array) (Line: 40)
Twig\TemplateWrapper->render(Array) (Line: 53)
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                    Contents
                    <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h252">Libra threatens Europe's sovereignty </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h362">Taking a call for innovations </a></li></ul>
    Advertisement
    
        
    
    
        
                
            
                                            

        
        
                
            
                                            

        
    
According to <a rel="nofollow" target="_blank" href="https://twitter.com/AFP/status/1202237644916346880">French news agency&nbsp;AFP</a>,&nbsp;&nbsp;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&nbsp;François Villeroy de Galhau on Dec. 4.&nbsp;

<a rel="nofollow" target="_blank" href="#">card</a>

Libra threatens Europe's sovereignty&nbsp;

In <a rel="nofollow" target="_blank" href="https://www.bis.org/review/r191204f.htm">his speech</a>,&nbsp;Villeroy de Galhau&nbsp;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&nbsp;incurs "financial and political risks."&nbsp;

<blockquote>
"Of course, as central bankers and supervisors, there is no question of us&nbsp;standing by&nbsp;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."
</blockquote>

Back in September, the governments of&nbsp;France and Germany <a rel="nofollow" target="_blank" href="https://www.reuters.com/article/us-facebook-cryptocurrency-france-german/france-and-germany-agree-to-block-facebooks-libra-idUSKCN1VY1XU">ostracized Facebook's Libra project</a>, vowing to block their rollout.&nbsp;&nbsp;&nbsp;&nbsp;

<a href="https://u.today/cryptocurrencies-shouldnt-be-issued-by-central-banks-says-former-fed-chair">card</a>

Taking a call for innovations&nbsp;

According to Villeroy de Galhau, the Bank of France now plans to create its own <a rel="nofollow" target="_blank" href="#/news/central-bank-cryptocurrency-can-arrive-faster-than-you-think-ing-chief">central bank digital currency (CBDC)</a> as its answer to payment solutions that are offered by private companies in the likes of Facebook.&nbsp;The French central bank will be reorganized in order to create a new division that will focus on implementing payment innovations, including a CBDC.&nbsp;

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

<blockquote>
"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."&nbsp;
</blockquote>

France is not alone. As reported by U.Today, the People's Bank of China (PBoC) has been working on its digital currency <a href="https://u.today/just-in-chinese-central-bank-to-launch-digital-currency-called-dcep">for years</a>.&nbsp;
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Twig\Template->displayWithErrorHandling(Array, Array) (Line: 367)
Twig\Template->display(Array) (Line: 379)
Twig\Template->render(Array, Array) (Line: 40)
Twig\TemplateWrapper->render(Array) (Line: 53)
twig_render_template('themes/cryptod/templates/field--body.html.twig', Array) (Line: 372)
Drupal\Core\Theme\ThemeManager->render('field', Array) (Line: 436)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array) (Line: 474)
Drupal\Core\Template\TwigExtension->escapeFilter(Object, Array, 'html', NULL, 1) (Line: 1002)
__TwigTemplate_625426e732c5f7a66fde6d628d98a6b2->doDisplay(Array, Array) (Line: 394)
Twig\Template->displayWithErrorHandling(Array, Array) (Line: 367)
Twig\Template->display(Array) (Line: 62)
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Twig\Template->displayWithErrorHandling(Array, Array) (Line: 367)
Twig\Template->display(Array) (Line: 379)
Twig\Template->render(Array, Array) (Line: 40)
Twig\TemplateWrapper->render(Array) (Line: 53)
twig_render_template('themes/cryptod/templates/node.html.twig', Array) (Line: 372)
Drupal\Core\Theme\ThemeManager->render('node', Array) (Line: 436)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array, ) (Line: 238)
Drupal\Core\Render\MainContent\HtmlRenderer->Drupal\Core\Render\MainContent\{closure}() (Line: 583)
Drupal\Core\Render\Renderer->executeInRenderContext(Object, Object) (Line: 239)
Drupal\Core\Render\MainContent\HtmlRenderer->prepare(Array, Object, Object) (Line: 128)
Drupal\Core\Render\MainContent\HtmlRenderer->renderResponse(Array, Object, Object) (Line: 90)
Drupal\Core\EventSubscriber\MainContentViewSubscriber->onViewRenderArray(Object, 'kernel.view', Object)
call_user_func(Array, Object, 'kernel.view', Object) (Line: 111)
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Drupal\page_cache\StackMiddleware\PageCache->fetch(Object, 1, 1) (Line: 128)
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Drupal\page_cache\StackMiddleware\PageCache->handle(Object, 1, 1) (Line: 48)
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Drupal\Core\StackMiddleware\StackedHttpKernel->handle(Object, 1, 1) (Line: 704)
Drupal\Core\DrupalKernel->handle(Object) (Line: 18)

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

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    article image
    Alex Dovbnya
    The Bank of France could become the very first central bank to launch its own cryptocurrency
    Wed, 4/12/2019 - 18:46
    Crypto Disruption: French Central Bank to Start Testing Its Own Cryptocurrency in 2020
    Cover image via U.Today
    Read U.TODAY on
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    Contents
    Advertisement

    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. 

    card

    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.    

    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. 

    #Libra Coin News
    About the author
    article image
    Alex Dovbnya

    Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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, can be contacted at alex.dovbnya@u.today.

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