France to Test Its Central Bank Digital Currency in Q1 2020
The central bank of France plans to pilot a central bank digital currency (CBDC) for financial institutions in 2020.
As reported by Les Echos, the initiative intends to strengthen the efficiency of the French financial system, while ensuring trust in the currency.
François Villeroy de Galhau, the governor of the Bank of France, announced that the bank will start testing the digital euro project by the end of the first quarter 2020, French financial publication Les Echos reports Dec. 4.
According to the report, the digital euro pilot will only target private financial sector players and won't involve retail payments made by individuals.