• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

French Central Bank Chief Eyes Public-Private Partnership for Possible Digital Euro

Written by:
Aeon Flux
Published on:
11 September 2020
Thoughts:
No comments yet

Sep 11, 2020 at 12:18 UTCUpdated Sep 11, 2020 at 13:18 UTC

franc%cc%a7ois_villeroy_de_galhau_24331097667

Banque de France Governor Francois Villeroy de Galhau (The Jacques Delors Institute/CC BY/Wikimedia Commons)

The head of France’s central bank has spoken of the potential benefits of private sector involvement in the development and issuance of a future European digital currency.

  • Francois Villeroy de Galhau, governor of the Banque de France, said in a speech Friday that a public/private partnership would be the best way to issue a central bank digital currency (CBDC) to retail users.
  • His comments were made at a conference hosted by the German central bank – the same event where the head of the European Central Bank (ECB), Christine Lagarde, said Thursday that the European Union had fallen behind on CBDC development globally.
  • Both France and Germany have been vociferous opponents to overseas companies, like Facebook, launching digital currencies that could compete with fiat money.
  • France’s finance minister, Bruno le Maire, said last September his government would push to have libra banned from European soil.
  • While Villeroy de Galhau didn’t mention Facebook by name, he said the EU was already critically dependent on Big Tech firms for payments.
  • Left unchallenged, he said, they could shut out governments and central banks from having any monetary role in their own countries.
  • Rather than compete with private companies, Villeroy de Galhau said that “appropriate synergies” between them and the public sector could lead to a better-designed CBDC being put into circulation one day.
  • This mirrors comments from the Bank of England earlier this year, which said private companies could resolve any shortcomings in the existing payments system with commercial solutions.
  • The Banque de France is currently working with eight companies, including Accenture and HSBC, to explore the regulatory and financial ramifications of launching a CBDC.

See also: Bank of England: No Compromise on Our Principles for Any Future CBDC

Read more about…

Central BanksEuropean UnionBanque de FranceCBDCsCoinFlash

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Categories: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (2,404)
  • Ethereum (1,621)
  • News (5,031)

Recent Posts

  • 6 Dividend-Paying Stocks Worth Buying 14 May 2022
  • Is Bitcoin Still Worth to HODL? The History of Previous Declines > 50% Tells You Yes 14 May 2022
  • What I’ve Learned From Investing in the Cryptocurrency Market for 5 Plus Years 13 May 2022
  • The Differences in Blockchain Infrastructure: A Comparison of Solana, Polkadot, and Fantom 13 May 2022
  • Jungle Freaks NFT Review: Using NFTs as a Vehicle for Change 13 May 2022

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web