France To Test It's Central Bank Digital Currency In 2020

In 2020 the CBDC (Central Bank Digital Currency) will make it's debut for use by financial institutions.

In a Les Echos report, the governor of the Bank of France, François Villeroy de Galhau, announced that the bank will start testing the digital euro project by the end of the first quarter 2020. The Bank of France confirmed the news on Twitter.

According to the report, the pilot program will only target specific players in the private financial sector. The pilot will not involve retail payments made by individuals, as a digital currency for retail customers would "be subject to special vigilance." The governor emphasized that France should become the first country in the world to issue a CBDC and provide an exemplary model to others.

France has also emerged as a major adopter of biggest cryptocurrency, Bitcoin (BTC). In mid-October, French crypto startup Keplerk relaunched its service to accept Bitcoin payments in over 5,200 tobacco shops in France. Previously, Cointelegraph reported that at least 30 French retailers plan to launch Bitcoin payments support at over 25,000 sales points by early 2020.

This article is not intended to be financial advice. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Crypto Block does not provide investment, tax, legal, or accounting advice.

As always, do your due diligence before investing, and never invest more than you can afford to lose.

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