French Central Bank Pushes for Adoption of Blockchain

Xcelpay|3 min read|Dec 30, 2019

Bank of France announced plans to test digital currencies in 2020. According to François Villeroy, Governor of the Bank of France, they are looking forward to begin experiments and to cast a call for projects by the end of March in 2020.

The French Central Bank is pushing for the adoption of the blockchain and distributed ledger technologies (DLT)-based solutions and tokenization to facilitate fast and safe cross-border payment. According to the bank’s first deputy governor Denis Beau, the EU needs to leverage the existing technologies with the blockchain to move euros quickly.

Why the EU Should Give Blockchain a Shot?Speaking on Nov 21 during the AFME Annual Capital Markets Technology and Innovation Conference, Beu pointed out that France is considering testing a central bank digital currency (CBDC). He noted that the eurozone should give a CBDC a chance to avoid the existence of disorderly approaches.

He noted that DLT would be a viable solution for cross border transactions since current systems compel residents of the EU to wait for long before transactions can go through.

The official, however, pointed out that adopting new technologies is not a ride in the park since there are several challenges to expect. In modalities of settlement, he noted that disorderly approaches and heterogeneous adaptations of market infrastructures are a possible challenge.

France on the Forefront of Blockchain Adoption

Across the EU zone, the French central bank has been at the forefront of advocating for DLT. In October, the institution launched a search for a blockchain analyst to help in designing a digital currency implementation program. Additionally, it was the first bank to set up a blockchain registry system.

Previously, Beu is on record calling for a global approach when it comes to cryptocurrency regulations. He urged central banks to consider the idea of experimenting with their digital assets.

Annual conferences have been taking place across the globe in Singapore, Los Angeles, and in Europe to discuss blockchain technology and cryptocurrency. A key topic on everyone’s agenda seems to be mass adoption.

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