“We must make our contribution to this innovation, but in a serious and methodical manner. I see an interest in rapidly advancing the issuance of at least one wholesale central bank digital currency in order to be the leading issuer internationally and derive the profits earmarked for a reference central bank digital currency.”— François Villeroy de Galhau
If you follow cryptocurrency and blockchain news and information—then you are aware that Asia as a group—Japan, South Korea, and China—to name a few, have been “pushing the boundaries of Blockchain and crypto adoption and use,” Darryn Pollock. According to Bitcoinist.com, when it comes countries adopting Bitcoin and cryptocurrency, the top five include Turkey, Brazil, Columbia, Argentina, and South Africa. The U.S. ranks 15, and France pulls in at 16.
However—according to Pollock, writing for Forbes in April, blockchain and cryptocurrency adoption hasn’t “really radiated strongly from any one country in Europe.” For Europe, no one nation looks to be “grabbing the baton and running ahead.” If anyone country were to take the baton—many would look to the UK, Germany, or France.
Fast forward to recent developments, and it appears that France has broken through in their quest to meet the coming challenges of a changing world. If a country doesn’t embrace or provide a level of support for Bitcoin and cryptocurrency—they may be left out of the global economic developments with digital currency.
And now, according to a recent article by Lorenzo Stroe, the Bank of France announced plans to test digital currencies in 2020. Stroe writes that according to François Villeroy, Governor of the Bank of France, they are looking forward to begin experiments and to cast a call for projects by the end of the March in 2020.
France Moving Toward Digital Currency
This is good news for cryptocurrency on the whole. However, it appears that the French government, and other European governments, are concerned about losing control to Facebook’s Libra and others. They are becoming too real. According to Stroe, the French government is still against Facebook’s Libra.
Either way—France’s move to pursue digital currency will certainly help to drive mass adoption sooner, rather than later.
— Massimo Canducci 🇺🇳 (@mcanducci) September 15, 2019
Moving Toward Mass Adoption
As more and more retailers begin to accept cryptocurrency for purchases across the globe, France has seen marked interest in retailers taking an interest in cryptocurrency.
This is an important step toward mass adoption and the “evolution of payment methods in France”, about 30 retailers will accept Bitcoin in their stores—representing over 25,000 point of sale (POS) locations. These include retailers such as Foot Locker, and a number of French brands such as Decathlon, Sephora, and Maisons Du Monde.
France’s Global POS, EasyWallet, and Easy2Play—will collaborate to bring the POS platform to retailers. They plan to launch the cryptocurrency POS in the first quarter of 2020, with a goal to provide 4 million French consumers the ability to use Bitcoin in retail stores across France.
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Annual conferences have been taking place across the globe in Singapore, Los Angeles, and in Europe to discuss blockchain technology and cryptocurrency. A key topic on everyone’s agenda seems to be mass adoption. Many projects like Monarch are poised to make it easier for consumers to use Bitcoin and cryptocurrency with transparent and easy to use wallets and online platforms.
POS for retailers continue to be developed making it just as easy to use cryptocurrency as to use debit or credit cards. Now with France’s announcement to enter the world of cryptocurrency and retailers adopting cryptocurrency as a form of payment, mass adoption may be a reality sooner than many would have thought possible to date.