Bitcoin
$43,420.34-0.11%
Ethereum
$3,071.96+1.89%
XRP
$0.951490+4.95%
Cardano
$2.15+5.66%
Polkadot
$29.91+4.77%
Stellar
$0.284431+3.07%
Dogecoin
$0.212929+2.69%
Chainlink
$24.19+0.75%
Uniswap
$21.38-0.94%
Polygon
$1.17+1.74%
Litecoin
$160.60+4.05%
Bitcoin Cash
$548.98+1.11%
Cosmos
$36.56-2.22%
Algorand
$1.80+9.40%
Wrapped Bitcoin
$43,447.34-0.58%
Filecoin
$76.02+2.44%
The Graph
$0.723243+3.14%
Tron
$0.094238+1.06%
Ethereum Classic
$50.00+3.31%
Aave
$303.62+1.20%
Tezos
$5.43+2.50%
Monero
$235.13+0.54%
NEO
$41.84-0.61%
EOS
$4.27+1.32%
IOTA
$1.34+1.05%
BitTorrent
$0.003419+1.10%
Bitcoin SV
$146.77+2.57%
Maker
$2,519.50+1.27%
Waves
$24.33+3.32%
Dash
$175.29+1.38%
Decred
$119.93-5.27%
Decentraland
$0.689893-1.99%
ICON
$1.66+6.74%
OmiseGO
$10.28+26.45%
NEM
$0.157870+0.71%
Zcash
$120.05+2.18%
NuCypher
$0.289397+2.57%
Yearn Finance
$30,235.81+2.18%
Qtum
$10.62+1.84%
Paxos Standard
$1.00-0.70%
Bitcoin Gold
$55.81+0.38%
Basic Attention Token
$0.672000+3.34%
0x
$0.938371+1.54%
Ren
$0.839951+9.57%
Bancor
$3.59+0.03%
Fetch.ai
$0.694854+6.53%
Band Protocol
$7.83+0.83%
Siacoin
$0.015789+0.48%
Kava.io
$5.26+1.23%
Nano
$4.94+4.46%
Loopring
$0.413208+1.97%
Storj
$1.16+1.76%
Lisk
$3.20+4.93%
Numeraire
$40.87-2.19%
Civic
$0.428374+0.53%
Orchid
$0.337650+4.37%
PAX Gold
$1,768.49+0.24%
Augur
$22.28-0.44%
Aragon
$5.06-6.12%
Enzyme
$106.42-0.02%
district0x
$0.155722+4.48%
Kyber Network
$1.53+1.66%
SingularDTV
$0.001341-3.87%
Tether
$1.00+0.01%
USD Coin
$1.00-0.01%
Dai
$1.00-0.01%

French Central Bank Chief Eyes Public-Private Partnership for Possible Digital Euro

The governor of the Banque de France said private-sector involvement could benefit a future digital euro initiative.

Sep 11, 2020 at 12:18 p.m. UTC
Updated Sep 14, 2021 at 9:54 a.m. UTC

The head of France's central bank has spoken of the potential benefits of private sector involvement in the development and issuance of a future European digital currency.

  • Francois Villeroy de Galhau, governor of the Banque de France, said in a speech Friday that a public/private partnership would be the best way to issue a central bank digital currency (CBDC) to retail users.
  • His comments were made at a conference hosted by the German central bank – the same event where the head of the European Central Bank (ECB), Christine Lagarde, said Thursday that the European Union had fallen behind on CBDC development globally.
  • Both France and Germany have been vociferous opponents to overseas companies, like Facebook, launching digital currencies that could compete with fiat money.
  • France's finance minister, Bruno le Maire, said last September his government would push to have libra banned from European soil.
  • While Villeroy de Galhau didn't mention Facebook by name, he said the EU was already critically dependent on Big Tech firms for payments.
  • Left unchallenged, he said, they could shut out governments and central banks from having any monetary role in their own countries.
  • Rather than compete with private companies, Villeroy de Galhau said that "appropriate synergies" between them and the public sector could lead to a better-designed CBDC being put into circulation one day.
  • This mirrors comments from the Bank of England earlier this year, which said private companies could resolve any shortcomings in the existing payments system with commercial solutions.
  • The Banque de France is currently working with eight companies, including Accenture and HSBC, to explore the regulatory and financial ramifications of launching a CBDC.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...