Ethereum Developer ConsenSys to Assist French Bank With CBDC Pilot

The Ethereum developer will help the digital assets arm of Societe Generale carry out research on a central bank digital currency.

By Daniel Palmer

Oct 28, 2020 at 12:08 p.m. UTC

Updated Sep 14, 2021 at 10:24 a.m. UTC

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ConsenSys, a company that develops for Ethereum and funds ecosystem startups, is to help French bank Societe Generale carry out research on a central bank digital currency (CBDC).

Announced in a blog post on Wednesday, ConsenSys will work with Societe Generale – Forge, the bank's digital assets arm, providing technology and expertise as part of ongoing CBDC pilot efforts.
ConsenSys will be involved in work looking at CBDC issuance and management, delivery versus payment and cross-chain interoperability.
Societe Generale – Forge has previously issued bonds worth millions of euros over a blockchain, with one of the initiatives being in collaboration with France's central bank.
According to a report in September, ConsenSys was chosen to work with the Hong Kong Monetary Authority on a different CBDC pilot, looking at how blockchain might facilitate cross-border payments between commercial banks.
The developer also acquired JPMorgan's blockchain platform Quorum this summer – that's the platform on which the investment bank's JPM Coin cryptocurrency was built.
The first commercial use of JPM Coin is expected within the week, JPMorgan executives said Tuesday.

Also read: Digital Euro Within Decade ‘Very Likely,’ Says Finland’s Chief Central Banker

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