Digital Currency Opportunity Should be Seized by France, Says MP

Zain  |  Feb 15, 2020

France has been one of the countries whose interest has increased significantly and is involved in debates on digital currencies, CBDCs and of course Libra, controversial Facebook currency. According to a report, to discuss the advantages that would come with adopting blockchain, the two French MPs, Laure de La Raudiere and Pierre Person met with France’s Minister of Economy, Bruno Le Maire.

France issued regulations on crypto-assets, long before many other countries. Francois Villeroy de Galhau, Bank of France Governor, recently though stated that digital currencies can serve a useful purpose if central banks are in charge of issuing it rather than the private firms, which appeared as a subtle dig on Facebook.

After being vocal for some time now regarding the advantages of blockchain adoption, Deputy Laure de Raudiere along with French National Assembly Pierre Person instigated Bruno Le Maire to ask banks to try their hands at digital stablecoins. According to the MPs, this is a very pivotal procedure for blockchain ecosystem development, and it would alert them also about the foreign players willing to enter the playing field.

Pierre Person added -

“We do not have the will to destabilize the business model of commercial banks, but they must quickly take up the question of stablecoins, at the instigation of the central bank."

Different Approach Towards Digital Currency

Laura de la Raudiere further enunciated that if France banks make the jump right now to blockchain and get to grips with how it works, they would get into a commanding position. However, there’s a difference in approach between the MP and Bank of France Governor, while the former wants commercial banks to take the initiative with inputs from ECB, the latter fancy the digital currencies to be central bank-backed. Reports are stating that the Bank of France had held talks with the ECB in a bid to issue a CBDC.

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