The Bank of England’s statement said the group will explore “CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.”
Banque de France Governor François Villeroy de Galhau is planning to test a central bank-issued digital currency by 2020 to do it. Along the way, he’s making a play for French leadership of the European economy.
The biggest obstacle to a European Central Bank-issued digital currency is not the technology, according to departing European Central Bank President Mario Draghi. Rather, he said, the “key issue is … its utility in terms of costs and benefits to the public.”
Shortly after calling for a ban on Facebook’s Libra cryptocurrency, French Finance Minister Bruno Le Maire suggested the European Union should create its own digital currency.