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.
Flights of rhetoric surrounding Facebook’s Libra stablecoin and other digital currencies has reached impressive heights at times. But former U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo took it beyond the stratosphere in an October 15 editorial, comparing the launch of an American central bank-backed digital currency to the Apollo 11 mission.
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.
France’s economy and finance minister has put the first real spoke in the wheels of Facebook’s Libra cryptocurrency project, promising to block its use in the European Union.