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France To Launch a Digital Asset in Q1 2020

05 December 2019 12:37, UTC
France To Launch a Digital Asset in Q1 2020

According to AFP news agency, the Central Bank of France plans to launch a digital asset (presumably different from a crypto asset) next year.

The head of the Bank of France, Francois Villeroy de GALHAU, spoke at ACPR, the French regulatory agency for banks and insurance companies, where he noted that the Bank of France will begin to quickly conduct “experiments” with digital assets and “launch a call for projects”. The head outlined a specific deadline — until the end of the first quarter of 2020.

He further stated that this initiative would not promote anonymity in terms of large transactions:

“Thresholds on the amounts of anonymous transactions, as is already done in France for payments in electronic money or cash, could be introduced for this purpose.”
If France launches its digital asset before the first quarter of 2020, it could become the first leading country to set such a precedent, probably ahead of the emergence of the digital yuan. Crypto community responded positively to this news, noting that the move by the country's central bank confirms the viability of the idea of cryptocurrency.

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