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French Megabank Société Générale Adds ConsenSys to Digital Currency Pilot Project

One of the developers of France Central Bank Digital Currency (CBDC) pilot project, Societe Generale – Forge, has selected Ethereum software company ConsenSys for its ongoing digital Euro experimental project. 

ConsenSys announced in a blog post today that it would provide technical and expertise for the project with emphasis on the digital currency issuance and management, delivery versus payment, as well as cross-ledger interoperability. 

Known for its remarkable contributions to various CBDC projects, ConsenSys has collaborated with various central banks, including Singapore central bank Project Ubin and South African Reserve Bank’s Project Khokha. 

Commenting on the move, Ken Timsit, Global Head of ConsenSys’ Enterprise Solutions, said the firm respects Societe Generale – Forge’s accomplishment in the payment industry and is proud to be working with them on France’s CBDC project while adding: 

ConsenSys is committed to advances in the CBDC space and has assisted six central banks around the world on CBDC projects.

Recalled that in March 2020, the central bank of France, Banque de France, called on interested applicants to submit CBDC experimental proposals that will enhance interbank settlement and further usher in a digital Euro. 

The central bank stated that the CBDC experimental project would involve only selected financial institutions in the country and not be adopted by retail users. 

Among the applicants that submitted proposals for the initiative, Societe Generale – Forge was selected alongside seven other key partners, including HSBC, Accenture, and Seba Bank, for its CBDC project in July. 

Since its selection, Societe Generale – Forge has made significant efforts toward developing its own CBDC experiment. 

The subsidiary of European investment bank Societe Generale has collaborated with several tech providers and advisors, including its partnership with Nomadic Labs, one of Tezos’ research and development centers. 

France is not the only country in Europe that is working on an experiment for a digital euro. Other European countries such as Spain and Estonia, had in the past launched research to study the pros and cons of issuing a digital currency. 

However, France seems to be ahead of them all, as the nation had already embarked on developing a digital euro pilot project. 

See also: France to Make Crypto Taxation Simpler; Will Tax Only Crypto-to-Fiat Trades

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