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France has proposed a draft for the European Union (EU) to launch a public digital currency that can compete against Libra. The EU Finance Ministers may adopt the draft by the end of 2019. The draft further details the benefits of the digital currency. The European Central Bank and other EU banks are being approached for the same. An ECB official stated that this may allow the use of electronic cash in the country, thus reducing the need for bank accounts.
The crypto industry feels this move may be a direct response to the announcement of Facebook’s Libra. Moreover, the draft further clarifies its steps to focus on regulatory campaigns against cryptocurrencies. Europe is not alone, countries like China, Bhutan, Canada are all set to launch their own digital currency.