<p>The French government has called for cryptocurrency rules at the European Union (EU) level, as well as for the creation of a “public digital currency.”<br /> <br /> “A common framework” on cryptocurrencies is needed for the 28 EU countries, said France’s Minister of the Economy and Finance, Bruno Le Maire at a meeting of EU finance ministers in Finland, as<a href="https://www.reuters.com/article/us-facebook-cryptocurrency-france/france-calls-for-eu-rules-on-virtual-currencies-idUSKCN1VY0H3"> reported</a> by Reuters on Friday.<br /> <br /> For the creation of a European “public digital currency," the minister did not provide specific details, though he could mean a central bank digital currency (CBDC). China is also “ready” to ship its <a href="https://www.theblockcrypto.com/linked/35493/chinas-central-bank-digital-currency-is-ready-after-5-years-of-development/">CBDC</a> after five years of research and development. <br /> <br /> Interestingly, former French minister and former International Monetary Fund (IMF) chief, Christine Lagarde, also recently <a href="https://www.imf.org/en/news/articles/2018/11/13/sp111418-winds-of-change-the-case-for-new-digital-currency">encouraged</a> the “exploration” of CBDCs because of slowing demand for cash and rising preference for digital money. Lagarde is also one of the front-runners to be the European Central Bank's (ECB’s) next president, which means chances of a European CBDC could be higher.</p> <p>At the meeting, Le Maire also reiterated his opposition to the development of Facebook’s Libra stablecoin in the EU. Just yesterday, he <a href="https://www.theblockcrypto.com/post/39465/france-to-block-development-of-facebooks-libra-crypto-says-minister/">said</a> that France will block Libra’s development because it threatens the “monetary sovereignty” of governments.<br /> <br /> Also yesterday, the minister <a href="https://www.theblockcrypto.com/linked/39518/france-will-not-tax-crypto-to-crypto-trades-will-tax-gains-converted-into-traditional-currency/">provided</a> clarity for cryptocurrency taxation, saying that crypto-to-crypto trades will be tax-exempt in France, while crypto gains when they are converted into "traditional" currencies will be taxed.</p>