The French Central Bank plans to launch a pilot project on the digital central bank currency (CBDC) for financial institutions in 2020. Francois Villeroy de Galhau, Governor of the Bank of France, announced that the bank would start testing the digital euro project by the end of the first quarter of 2020, according to a French financial publication Les Echos, 4 December.
The Bank of France confirmed the Twitter message by noting that the announcement was announced at a conference co-hosted by the two main French financial supervisors, the French prudential and resolution authority and the Autorité des marchés financiers.
According to the report, the pilot project for the digital euro will be aimed exclusively at private operators in the financial sector and will not cover retail payments made by individuals. Villeroy reportedly pointed out that the digital currency for retail customers would be 'subject to special vigilance'.
As reported by Les Echos, the initiative aims to strengthen the efficiency of the French financial system while ensuring confidence in the currency.
