Central Bank Of France Won’t Be Issuing Its Own Digital Currency: PwC Executive

Issuing a digital currency would be a very difficult process that will hurt the French economy; at least this is what Pauline Adam Kalfon who is a blockchain partner at PwC France believes. Her stance on central banks issuing their own cryptocurrency is what we have in our blockchain news today.

Kalfon says that despite the fact that the growing interest in blockchain in France, the virtual currency economy has to be further tested in order for the investors to be protected from scams because the sector is still unchecked thoroughly.

She stated:

 “France’s central bank may not be the best entity to drive forward such a digital currency project, which would sit within the prerogatives of the European Central Bank. Having said this, Banque de France could seize technological leadership by following European Central Bank guidance. It is clear that a European-level project would be very complex and challenging governance-wise, requiring alignment and the political consensus of all relevant stakeholders from each Member State.”

Kalfon continued that the central bank of France should let the large corporations such as Facebook and JPMorgan to test the technology first as an experiment and later the banks could give it a try. She said:

 “This would reduce the likelihood of potentially negative consequences on the economy arising from any central bank issuing a digital currency.The underlying rationale is…to achieve the right balance between investor protection and technology friendliness.”

The French minister of Finance Bruno Le Maire is known to be a bitcoin opponent but he later changed his mind and embraced cryptocurrencies. He even said that he is passionate about blockchain technology and wants to make sure that the citizens of France are among the leading countries in the world that are crypto-active. However, he believes that the crypto revolution in the country could not happen without better regulation.

Also, two members of the French Parliament urged the members of the government to invest about 500 million euros in blockchain development by saying:

 “2019 will be the year of the blockchain in Franc. This 10-year technology is moving out of the experimental stage into industrial implementation. The public will see the emergence of its uses in their daily lives.”