More Central Banks Piloting Digital Currency

In the wake of China’s emerging digital currency and Facebook’s controversial Libra coin, other nations are beginning to get the memo and take action on innovating their monetary systems.

France’s central bank has recently announced plans to trial a new digital currency for institutions and “private sector players.” The tests are set to begin towards the end of Q1 2020 and will be the first of their kind in Europe.

“We intend to start experimenting quickly and launch a call for projects (for private sector players) by the end of the first quarter of 2020.” – Governor of the Bank of France

Digital currencies are not an alien concept in Europe, as news of Sweden’s central bank contemplating an e-Krona currency have been circulating since 2016!

Officials within the French government have called to ban Facebook’s Libra coin’s reach in Europe. This is likely a move to strengthen France’s financial system and to stay on par with China and other BRICS nations positioning against the U.S. dollar and euro’s economic systems.

Deutsche Bank Predicts Fiat Extinction by 2030

Across the border, Germany’s Deutsche Bank has published its “Imagine 2030” report covering the bank’s outlook on the financial landscape for the decade ahead.

Deutsche Bank’s report highlights the vulnerabilities within the current fiat monetary system, labeling it as fragile and prone to unraveling at some point in the next decade.

“That will start to lead to a backlash against fiat money and demand for alternative currencies, such as gold or crypto could soar.” Imagine 2030 Report

The mass realization of the broken fundamentals within the global economic system could trigger a mass migration to immutable, trustless, and sound methods of payments and wealth preservation as we enter the next decade.

Both France and Germany are key economic members of the euro currency, European Union, and the wider continent overall, and establishing a firm stance on emerging technologies that enable the usage of money 2.0 could be part of the bigger plan.

This post is for educational purposes. All information used is referenced accordingly. This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.

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