Deputy of the French BIS Advocates Public-Private Collaboration for the Digital Euro Amid Disagreement with Lagarde

According to CoinDesk, Denis Beau, Deputy Governor of the Bank of France, publicly called for joint efforts between Europe’s public and private sectors to advance the tokenization of the euro to counter the dominance of U.S. dollar stablecoins. This stance sharply contrasts with that of ECB President Lagarde, who remains cautious toward private stablecoins, citing financial stability risks posed by assets like USDT and USDC, and favors a central bank-led digital euro initiative expected to launch by 2029. Beau outlined three key objectives for Europe: enabling compatibility with central bank monetary services, promoting regulated institutions to issue pan-European tokenized private currencies, and strengthening the MiCA regulatory framework. His position aligns closely with that of the Qivalis consortium—a group of 12 major European banks including ING, BBVA, and BNP Paribas—planning to launch a private digital euro before the end of this year. Beau also revealed that the Eurosystem will launch its first tokenized wholesale central bank money service before year-end.