French central bank Francois Villeroy de Galhau, president of the French bank, said on Saturday that digital currencies could become useful because of reduced cash transactions in some countries, but the Issuance should be the responsibility of the central bank, not a private company.
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Stimulated by the rise of cryptocurrencies and Facebook's plans to launch its Libra digital currency, central banks around the world are studying the possibility of issuing digital currencies to prevent the country from losing control of the currency.
Villeroy said that the proposals are not a response to Facebook's plan, but a response to fast-growing technology and some banks' demand for digital currencies. He added that private citizens may also start wanting alternatives to cash.
"In some Nordic countries, especially Sweden and the Netherlands, the use of banknotes is rapidly declining, and they want to know if we need to give citizens the use of banknotes that are no longer physical but have the same weight (especially the security of a central bank) The right to digital currency. "He told Radio France International.
When asked if this digital currency could be issued by a private company, he said: "Money cannot be private, money is the public interest of sovereignty."
He added that the central bank is planning to experiment with digital currencies, and the euro zone central bank in the euro system will look into this issue.