The governor of the Bank of France, François Villeroy de Galhau, said in a publication that the Central Bank of France plans to launch the digital euro project for financial institutions at the end of the first quarter of 2020, as reported French financial publication Les Echos.
The news was confirmed through the Bank of France’s Twitter account, who said the announcement was made at a conference co-organized by two important French financial regulators, the French Authority for Prudential Supervision and Resolution and the Autorité des marchés financiers.
Digital euro does not include retailers
According to the report, the pilot project will only target private financial sector agents and will not involve retail payments made by individuals. Villarroel stressed that a digital currency for retail customers “would be subject to special surveillance special.”
He also argued that the initiative aims to strengthen the effectiveness of the French financial system, while ensuring confidence in the currency and encouraging France to become the first country in the world to issue a CBDC and provide an exemplary model to other jurisdictions.
“I see the interest in advancing rapidly in the issuance of at least one digital currency of the central bank to be the main issuer worldwide and obtain the benefits associated with the supply of an exemplary central bank digital currency”, added Villeroy.