Bank of France Governor Says Digital Currencies Can be Useful

“In some northern European countries, notably Sweden and the Netherlands, the use of banknotes is falling extremely quickly and they are wondering whether we need to give citizens the right to digital money that is no longer a physical bank note but which has the same quality, notably the security of a central bank,” he told France Inter radio.

Asked whether private companies have the prerogative to launch such digital money, Bank of France Governor went ahead and said that one can't consider a currency as private, as money falls under the category of sovereignty and is a public good. Villeroy further added that the Eurosystem euro-zone central banks would be looking into the central bank’s experiments with digital money.

Bank of France Following The Same Path as  Bank of England

The Bank of England in Tuesday’s announcement entered a partnership with other banks to study what the future of digital currencies backed by Central Bank might be. Other partners of the group are Bank of Japan and the European Central Bank, and they all would work with the Bank of International Settlements (BIS) to understand the possibilities of a central digital currency.