ConsenSys joins the development of French digital currency

ConsenSys joins the development of French digital currency

  • ConsenSys to Help Large French Financial Conglomerate Develop CBDC

  • The approximate release date of the digital currency remains unknown

  • Finte company is actively entering into partnerships after it has laid off almost half of its employees since 2018

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American fintech company ConsenSys will help the central bank of France to develop its own digital asset (CBDC Paper notes and coins may be a thing of the past due to a new financial instrument – Central Banks Digital Currency (CBDC). As … More)

ConsenSys joins the development of French digital currency

The blockchain-focused company ConsenSys has become an official partner of the banking giant Societe Generale in the creation of the digital currency of France. The company announced this on its official website. In partnership with Societe Generale, ConsenSys will assist with the development of the French Central Bank Digital Currency (CBDC).

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ConsenSys reportedly will provide technology and expertise to Societe Generale with a focus on CBDC issuance and management, delivery and payment, and interoperability between blockchain networks..

This is not the first ConsenSys partnership with major financial institutions. At the end of September, the blockchain company entered into a partnership with the Hong Kong Monetary Authority. At that time, the Hong Kong government agency considered ConsenSys the best option for implementing the Inthanon-LionRock initiative aimed at interbank transfers using blockchain..

ConsenSys joins the development of French digital currency

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ConsenSys has launched an entire campaign to partner with financial regulators after a string of layoffs over the past couple of years. The BeInCrypto editorial staff previously reported that since 2018, ConsenSys has laid off more than 40% of its employees in total.

The global trend for the creation of CBDC has also affected the domestic market. The head of the Bank of Russia Elvira Nabiullina said earlier that the regulator could begin pilot testing of the digital ruble at the end of 2021. However, testing of the digital ruble will begin only if it makes sense to launch such an asset, Nabiullina emphasized..

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