Europe must launch central bank cryptocurrency (CBDC) in 2020

Europe must launch central bank cryptocurrency (CBDC) in 2020

Will Europe come first with its own digital currency? Governor Francois Villeroy de Galhau of the French central bank spoke in Paris about the urgency to launch his own Central Bank Digital Currency (CBDC). This is apparent from a number of tweets from the French central bank and from a press release from Reuters.

Europe wants to be faster than China

It now appears that China is the first to launch a CBDC. But if it is up to Francois Villeroy de Galhau, Europe must hurry to become the first: “It would be an advantage to quickly switch to a CBDC. Then we are the first publisher of a CBDC in the world, and other countries can follow our example. “

Autre sujet crucial: l’éventuelle création d’une monnaie digital de banque central. “Nous devons apporter notre pierre à l’édifice de cette innovation, mais de manière sérieuse et méthodique”, François Villeroy de Galhau à la conférence de l “#ACPR cc @ACPR_actu

– Banque de France (@ banquedefrance) December 4, 2019

According to Reuters, the French central bank wants Europe to continue rapidly with research into digital currencies for central banks. The following steps must be taken before the end of the first quarter of 2020. Villeroy de Galhau:

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“Our actions will, of course, contribute to the work of the Eurosystem (of European central banks), making investigating the possibility of an” e-euro “one of the following issues,”

Not the very first worldwide

Will it be China or Europe? Anyway, both will not be the first. For example, the Petro exists in Venezuela and you pay with SOV on the Marshall Islands. But if a large country such as China or a large union such as Europe is going to issue its own CBDC, then other large countries may soon follow.

What is a CBDC?

A Central Bank Digital Currency is a digital currency that is issued by a central bank. It is not a requirement that a CBDC uses a blockchain, but it is possible. You can see a digital currency from the central bank as a counter-reaction to bitcoin. Bitcoin is decentralized and independent, and central banks have no influence on that.

Do you want to learn more about CBDCs and know the current status? We wrote this article about that.