The President of the Central Bank of France, François Villeroy de Galha has declared openly the commencement of the second stage of testing a wholesale central bank digital currency this week.
Villeroy de Galha in Europlace International Financial Forum while delivering his speech noted that the second phase of the state-owned digital currency experimentation has begun. In his speech, he said;
“We want to get closer to a viable prototype, testing it in practice with more private actors and more foreign central banks in the second half of 2022 and in 2023.”
France’s central bank, having launched the CBDC in October last year, carried out the first experiment on it which ended in June.
Villeroy de Galhau disclosed that the first phase comprises nine experiments which were carried out hand-in-hand with the public and private sectors.
According to him, “the roles of central bank money – are increasingly threatened by the digital revolution of the financial sector. First, it results in the decline in the use of cash in transactions, which calls into question the availability of central bank money for the public. Increased reliance on digital payment solutions also shows how our European ecosystem has become critically dependant on non-European players.”
In his statement, the central bank’s major motivation for the country’s central bank digital currency would be to preserve the roles public money has been playing in the virtual economy, maintain the accessibility and usability of the central bank’s money, sustain France’s monetary sovereignty and reduce the risk of “external” digital assets.
With many countries rolling out central bank digital currency, it is becoming more evident that the digital economy will eventually take over from the current system.
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France Prepares Heavily For Digital Economy
When it comes to the preparation for the virtual economy and blockchain technology in Europe, France seems to be the leading country among all the digital economy-focused countries.
The central bank of France has created a new proprietary DLT technology known as DL3S.
Villeroy de Galha explained;
“This blockchain has been entirely designed by the Banque de France in order to meet the needs and expectations of market participants as a permissioned blockchain with efficient delivery and settlement services, using CBDC.”
The first prototype of a digital state currency is expected to be ready by the second half of next year which should also involve the ECB to finally arrive at a new digital Euro in a very short time frame. This new digital currency is supposed to be issued by also leveraging cooperation with private institutions.
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