Pauline Adam Kalfon, a blockchain and financial services partner at PwC France, explained that central banks may start to accept the idea of issuing their own digital currency once big companies have stress-tested the technology, as noted on Forbes on March 22, 2019.
Still not Comfortable with Digital Currencies
France’s central bank is not planning any move when it comes to digital currencies according to PwC representative Kalfon.
She said that despite several recommendations for further investigations into the matter, central banks are still unsure about issuing their own digital currency. At current, the prospects seem too far-fetched and extremely complicated to deploy.
The PwC partner went on to say that in the case of France’s central bank and the European Union, this may not be the best route, as it would also require the political consensus of all member stakeholders from each member state.
Kalfon noted that since this would be a challenging move for central banks, the best option would be to leave this initial phase of development and implementation to corporations. She mentioned that tokenization of fiat currencies should be first be tested by private groups such as Facebook and JP Morgan and once they have tested the technology central banks could well start their own projects.
“This would reduce the likelihood of potentially negative consequences on the economy arising from any central bank issuing a digital currency. Only then could central banks make a move once digital currencies have been “battle-tested by corporations.”
France and the Crypto revolution
Kalfon considered France one of the most vibrant blockchain ecosystems in Europe with private and public initiatives already planned.