Banque de France: the study of a consumer crypto-euro is not excluded

The Bank of France will soon launch a call for projects to test a digital currency dedicated to financial institutions. The head of the BdF does not exclude the idea of ​​one day issuing such a currency for consumers.

During an interview with The gallery, François Villeroy de Galhau, the governor of the Bank of France, returned to his speech delivered last December, in which he announced the upcoming launch of experiments around a central bank digital currency.

Any possible decision on a E-euro arises from a discussion in theEurosystem, and will take time. The first experiments that we intend to launch will contribute to this, and will target this wholesale application as a priority, ”he said, adding that the BdF would launch a call for projects in March.

Villeroy de Galhau then specified that the underlying technology used would be "a priori" the blockchain and that scalability (scaling) is probably one of the main difficulties.

Although the bank is primarily interested in the issue of a so-called "wholesale" digital currency, for its governor, the study of a digital currency for consumers is "not excluded".

However, the study of a digital currency intended for the general public is not excluded. In France, more than 60% of transactions are still made in cash and it is extremely important to ensure freedom of choice in the means of payment. I will never be one of those who oppose digital money to cash. You have to open up the spectrum and be ready to innovate, but ensuring freedom of choice in the method of payment is an element of confidence in money, ”he explained.

While the announcement of the BoF in favor of the "possible" creation of a central bank digital currency is welcomed, experts and MEPs call on the institution not to limit itself to simple experiments in the face of the threat of private currencies such as Libra

On this subject, Villeroy de Galhau believes that the Facebook cryptocurrency project raises "questions in terms of anti-money laundering "

To the extent that, if we understand these uses, certain transactions could be made anonymously. The white paper presenting the Libra project devoted 73 pages to technology, three pages to uses and… only one page to compliance with regulations. The imbalance is striking," he said.