ConsenSys Collaborates With Societe Generale For CBDC Experiments
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ConsenSys Collaborates With Societe Generale For CBDC Experiments

October 28, 2020      Jafrin Ahmed

Ethereum software company ConsenSys has announced today on collaborating with Société Générale Forge for experimenting with central bank digital currency (CBDC) tests with Banque de France. This is the sixth central bank digital currency project that has been taken up by ConsensSys so far.

Pacing Up for Experimenting with Digital Euro

Société Générale Forge is the digital capital markets platform of Société Générale Group. Its mainly involved in building institutional-grade models for regulated security token operations that are registered on a blockchain.

The French central bank selected leading industry players such as Accenture, Euroclear, HSBC, and others, SG Forge for conducting experimental development work with digital euro. In May 2020, Banque de France, Societe Generale SFH, and SG Forge issued a tokenized 40 million euro bond, settled using a central bank digital currency in a pilot.

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Jean-Marc Stenger, CEO of Societe Generale Forge, said in the announcement:

“We are pleased to partner with ConsenSys, a company that is a key player in the development of distributed ledger technology globally and offers many of the infrastructure and development tools used by the blockchain community.”

Ken Timsit, Global Head of Enterprise Solutions at ConsenSys, added:

“We have high regard for the accomplishments of Societe Generale Forge and are proud to be working with them. ConsenSys is committed to advances in the CBDC space and has assisted six central banks around the world on CBDC projects.”

ConsenSys Is Actively Involved in CBDC Projects

As part of its collaboration with SG Forge, ConsenSys will provide its expertise and technological services for conducting joint experiments for digital euro regarding issuance and management, delivery versus payment, and cross-ledger interoperability.

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ConsenSys was also selected to lead the second implementation phase of Project Ithanon-Lionrock, a digital currency initiative, and a cross-border payment network between Thailand and Hong Kong. The Ethereum developer is also involved in the CBDC development of the Singapore central bank’s Project Ubin, and the South African central bank’s Project Khokha.

#Banque de France #CBDC #ConsenSys #Digital Euro #French Central Bank #Société Générale Forge
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.