Cryptocurrencies are useful as long as they are issued by central banks – French central…

• Francois Villeroy supports thee idea of central bank-issued digital money.
• The governor of Bank of France believes that digital money may be useful in some countries.

Digital currencies cannot be private and should be issued and controlled by central banks, according to Bank of France Governor Francois Villeroy de Galhau. As cited by Reuters, Villeroy admitted on Saturday, that cryptocurrencies could be useful as a substitute for cash transactions in some countries; however, the private money is a no-go anyway. 

Spurred by the rise of cryptocurrencies and Facebook’s plans to launch its Libra currency, central banks worldwide are looking into the possibility of issuing digital money to prevent the loss of state control over money.

Notably, several. global central banks have recently joined forces to study the use of cases of central bank-issued digital currencies. They will share the experience and promote the research in this area.

In a separate…