France to launch their own cryptocurrency

[DdmrDdmr]

Going to the horse’s mouth (see https://www.bis.org/review/r191204f.htm), it seems that the Governor of the Bank of France is well aware of the challenges:

<…> There is no denying that, today, the "centre of gravity" for payments is shifting towards these new players, especially the BigTechs. This displacement poses a challenge for banks' economic model, but could also be a threat to European sovereignty insofar that the infrastructures, knowledge and technologies underlying it are largely owned by non-European corporations.<…>

And although he seems to not have taken a shine to Bitcoin:

<…> The first wave of speculative crypto-assets such as bitcoin - which are very volatile, with no real underlying economic basis and perhaps no real future - has been succeeded by a second generation of assets - stablecoins - based on the same promising blockchain technology, but now backed by mechanisms designed to stabilise their value <…>

He is committed to a goal:

<…> l propose concrete measures to make cross-border, extra-European payments significantly cheaper and faster.<…>

And the stepping stones towards that goal start by:

<…> We are particularly keen to take part in experiments to integrate a "wholesale" CBDC (central bank digital currency) into innovative procedures for exchanging and settling tokenised financial assets.<…>
Our actions will naturally contribute to the work of the Eurosystem, which should make looking into the possibility of an "e-euro" one of its next focuses <…>
creating a CBDC would give us a powerful lever with which to assert our sovereignty in the face of private-sector initiatives such as Libra <…>

Of course the French initiative is subject to complement European Union initiatives, such as that announce recently by the ECB (European Central Bank), who seems amidst debating on the designs of a potential digital currency for the EU (see https://en.cryptonomist.ch/2019/12/05/ecb-to-develop-european-digital-currency). The French initiative should therefore be viewed as a divide and (try to conquer) approach to digital currencies in the EU, and not a stand-alone solution-to-be.

[enhu]

France and Germany must be a good country to stay when all of a sudden your country ban crypto.

France, China, Germany. Soon all countries will have their own cryptocurrencies  

They block facebook libra and now they wanted to have their own, I guess its best for every country to have their own since China first created their own as well. This isn't going to be surprising anymore since economy is almost dictated by powerful countries like China. Someone should also advise Trump to do the same if he gets re-elected.

[ChrisPop]

Just like politicians things change a lot when there is incompetence and ignorance. If they would have researched the technology well enough on the first time they would have found the powerful properties of cryptocurrencies and blockchain technology altogether.

[Pinkris128]

well, it seems like France will also launch their own cryptocurrency next year. it's funny that just year ago they despise cryptocurrency(article about it) and now they are launching their own cryptocurrency
and even teaching high school students about cryptocurrency(article about it) and preparing them for it. how things have changed in just a year

It's actually good to know that more countries like france are  starting to launch their own coin, and adopt blockchain technology and cryptocurrency like Facebook and China, that is why there are really a huge chance that every countries all over the world start to legalize bitcoin as a currency that everyone will be using a bitcoin in the near future.

[PulindaDeshan]

The outlet reported via Twitter, the Bank of France’s governor, Francois Villeroy de Galhau, said in a recent statement that his organization will start running “experiments” rapidly on digital assets and will “launch a call for projects” before the end of the first quarter of 2020 — literally just three or four months away. Galhau made this comment at ACPR, a French regulatory agency for banks and insurance based in Paris

[Apes]

I think this is part of the government's black campaign against cryptocurrencies to save their currencies. They give bad information to the public but do research at the same time to publish their own cryptocurrency. After many countries competed to publish their own cryptocurrencies and now every central bank realized that cryptocurrencies are truly beneficial.

[mintme.com]

well, it seems like France will also launch their own cryptocurrency next year. it's funny that just year ago they despise cryptocurrency(article about it) and now they are launching their own cryptocurrency
and even teaching high school students about cryptocurrency(article about it) and preparing them for it. how things have changed in just a year

they probably learned that they can centralize it and control it after all so they stopped disliking it

[garyrowe]

well, it seems like France will also launch their own cryptocurrency next year. it's funny that just year ago they despise cryptocurrency(article about it) and now they are launching their own cryptocurrency
and even teaching high school students about cryptocurrency(article about it) and preparing them for it. how things have changed in just a year

This news comes as a welcome development to the entire cryptocurrency and blockchain space. With France showing signs of adopting crypto, it marks the beginning of greater things to come as far as blockchain technology is concerned. Cryprocurrencies are here to stay no matter the initial setback caused by Governments of the world

[Chrystora123]

snip..

I don't really read the articles that you fully link to, but if that happens (officially) France issue their own cryptocurrencies then the countries in America and around the countries will be affected.  the excitement made by China when China made a statement about issuing their own cryptocurrency still hasn't subsided, and this time it was Francis who issued a statement, this is good news.

[nicecrypto]

Is this the norm now! Countries are creating their own cryptocurrency this days, am wondering how this is going to benefit the crypto space, at least, this government of this country's are recognizing the importance of digital currency,  if this is a good thing i hope other countries will emulate them.

[target]

So they realize China is doing the right thing?

Is this the norm now! Countries are creating their own cryptocurrency this days, am wondering how this is going to benefit the crypto space, at least, this government of this country's are recognizing the importance of digital currency,  if this is a good thing i hope other countries will emulate them.

Crypto benefits for this is the path to adoption but there is a catch to it.

If all countries have this digital currency, then the government may be able make regulations their way also. If the fiat papers are going to be useless anymore, we would be force to buy these digital currency they create but would have to submit KYC again. Taxation follows after it. BTC and perhaps other coins will still be here.

[BitSat19]

Now seems we have new war and its all about own cryptocurrencey developed countries every time going ahead of world as they have some good advantages which helping them to steal show so now Germany France is going in new era which will be followed by many in next few years blockchain and this crypto world going to change the world in new era.

[Pepz79]

The example of the country that wanted but couldn't prevent the evolution.

[AliMan]

well, it seems like France will also launch their own cryptocurrency next year. it's funny that just year ago they despise cryptocurrency(article about it) and now they are launching their own cryptocurrency
and even teaching high school students about cryptocurrency(article about it) and preparing them for it. how things have changed in just a year

Most probably the influence of cryptocurrency like positive news that brought them up with this decision, and now they're thinking more developments towards handling at their own digital currency. However it's not that easy to venture from traditional way to virtual type of money. Of course they should educate their people, especially the elder ones because it needs a lot of adjustments. Bitcoin is the only way for them to feed up knowledge, prior the implementation takes place.

[carlzec]

I think they are constantly investigating Blockchain, even if the states do not officially announce it. Of course it's not strange that they don't officially announce it. If they're not investigating the blockchain, I think they're doing it wrong. France and Germany are both partners and commercial strife. Bitcoin against the US offers an alternative economy.

[ChuckBuck]

well, it seems like France will also launch their own cryptocurrency next year. it's funny that just year ago they despise cryptocurrency(article about it) and now they are launching their own cryptocurrency
and even teaching high school students about cryptocurrency(article about it) and preparing them for it. how things have changed in just a year

We should understand that this is an economic war. And in this war, victory will belong to the person who acts exactly. Not long ago, China announced that it would develop its cryptocurrency. It is a bold move! I think they understand the importance of cryptocurrencies. However, the nature of each cryptocurrency is different, it can be discreet or transparent. In short, I think France will take action.

[dimox]

launching their crypto will help their society, maybe it cant help their economic, own crypto better if they have stable value, so it just help to do something with other crypto, make easy user to buy or sell, also introduce something new to people that dont know about it. it can be advantage for it country

[Bitcoin ShitList]

Well crypto is a much better way to transact,so I'm not surprised,it will help them a lot

[Wind_FURY]

France has NOT finally understood "the essence" of cryptocurrencies? Do you actually believe that?

When you say it that way, it makes me feel like it's wrong to say that but it's not true. Isn't cryptocurrencies a digital currency?

From that statement, then France truly has understood the "essence of cryptocurrencies"? Please answer, what is the "essence of cryptocurrencies"?

But what separates the crypto that France is planning to do from other cryptocurrencies is that it's going to be started by their central bank, the CBDC. [1] What's wrong with doing their goal? Improving the financial system? [2]

[1] - https://cointelegraph.com/news/france-to-test-its-central-bank-digital-currency-in-q1-2020-official
[2] - https://cointelegraph.com/news/french-central-bank-official-wants-to-improve-financial-system-with-blockchain

I didn't say something was wrong. PayPal wants to improve the financial system too, I don't hate PayPal.

[makolz26]

launching their crypto will help their society, maybe it cant help their economic, own crypto better if they have stable value, so it just help to do something with other crypto, make easy user to buy or sell, also introduce something new to people that dont know about it. it can be advantage for it country

On the other hand, it's really amazing and happy to hear that another country is going to launch their own cryptocurrency, it will be really amazing and another crypto adoption and users will enter the crypto the market, and imaging what will happen a year after they launch their own crypto, then we will have more users and it might happen the each country will also adopt this changes.