France’s Minister of Economy is required to promote banks to try their hands at stablecoins
In a discussion of the advantages that will be available when applying Blockchain, two French MPs, Laure de La Raudière and Pierre Person, met with French Minister of Economy, Bruno Le Maire. After addressing the benefits of Blockchain application, Raudiere, along with Person, urged Bruno Le Maire to ask banks to try stablecoins.
Bruno Le Maire, French Minister of Economy
France has been one of the countries interest with digital currency, stablecoins
France is one of the countries of great importance and regularly participates in the debate about cryptocurrency, about CBDC, and of course, Libra, Facebook’s stablecoin project.
Laure de La Raudière, member of the National Assembly of France
France has issued regulations on cryptocurrency assets for a long time before many other countries. Francois Villeroy de Galhau, the Governor of the Bank of France, recently announced that digital currencies could serve a useful purpose if the central bank is responsible for issuing it instead of private companies, which appeared as a sophisticated tool on Facebook.
According to parliamentarians, this is an essential procedure to develop the Blockchain ecosystem, and it will also alert them to foreign players willing to participate in the game.
Raudière said:
“We have no will to destabilize commercial banks’ business models, but they must quickly raise questions about stablecoins, driven by the central bank.”
Different approaches to digital currencies
Laura de la Raudiere further stated that if the French banks make a jump now to Blockchain and capture how it works, they will be in command. However, there is a difference in the approach between the MP and the Governor of the Bank of France, while previously wanting commercial banks to be proactive with ECB inputs, the latter preferred cryptocurrencies. Numbers supported by central banks. Reports say the Bank of France has held talks with the ECB to release CBDC.
Regional governments are also increasingly looking to incorporate Blockchain in their Digital Transformation (DX) initiatives, with technology becoming a powerful government tool to reduce fraud, boosting security, and establish new relationships with citizens.
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