French Central Bank Governor Stresses the Importance of CBDC
With the global race for central bank digital currency (CBDC) heating up with each passing day, countries and central banks across the world are walking the extra mile to ensure they do not get left behind.
In the latest of such developments, Francois Villeroy de Galhau, Governor of the French Central Bank, emphasized the importance of a digital euro. Speaking at the Bundesbank virtual conference, de Galhau remarked, “Let me be clear: we cannot allow ourselves to lag behind on CBDC.”
Notably, the governor outlined a 1-2 year window for a clear decision pertaining to a Europe-focused CBDC. He noted several points that necessitate the need for CBDC including the push observed by Big Tech and social media platforms to create own monetary systems to compete with public money sovereignty.
For the uninitiated, last year, Facebook unveiled its ambitious Libra cryptocurrency project that aimed to compete with sovereign money. Unsurprisingly, however, the project didn’t sit well with financial regulators across the globe which forced the social media titan to redesign Libra to overcome regulatory hurdles.