Work Started François Villeroy de Galhau, the Chairman of the Bank of France, made several statements regarding digital currencies in the past months. A statement he made especially in December 2019 drew great attention. The Chairman of the Central Bank mentioned that the digital money technology was developing rapidly in December 2019 and emphasized that France should not be left behind in this area: “While private companies are starting to work in this area, technological studies are progressing rapidly and demand from people has increased, we have to review such innovative ideas. Other countries have already opened the road. Our job is to follow this path. ” After Villeroy de Galhau made this statement, the Central Bank of France quickly took action. According to the statements made two days ago, the Central Bank started to examine the use of digital euro to carry out payment transactions more effectively. In Test Stage According to the announcement by the Central Bank of France, officials in the country have started testing digital euro use. According to the shared information, this test phase has three main objectives: Whether the digital central bank money can be used in interbank payment transactions, What are the benefits of digital central bank money, To learn how digital central bank money will affect financial stability and monetary policy. For now, the French Central Bank will only test digital euro use. In other words, France has no intention or plan to issue its own digital money just like China. However, we can see a digital currency in Europe if France gets positive results from this test process.
