Société Générale, one of the largest financial conglomerates in Europe, will test a digital currencycentral bank (CBDC) on the Tezos blockchain, says a press release from the Paris-based company Nomadic Labs, which is developing the ecosystem.
The Bank of France, as a result of the selection of partners, choseForge blockchain platform developed by Societe Generale. The platform will be used to test CBDC for interbank settlements. Nomadic Labs said that the experiment will study the feasibility of digitizing financial securities and the possibility of settlements on them using CBDC. In addition to Nomadic Labs, several technology service providers and consultants will participate in the testing.
Societe Generale chose the Tezos blockchain becausethis protocol is "an ideal long-term solution for high-value financial applications." Tezos, according to the bank's representatives, has all the characteristics necessary for the development of CBDC, including the ability to formally verify a smart contract.
Last December it became known thatThe French Central Bank planned to begin testing its own CBDC in the first quarter of 2020. Bank Chairman François Villeroy de Galhau has expressed his desire to make France the first country to issue a digital currency. In March 2020, the regulator invited interested companies to take part in testing. In May, it became known about the successful completion of tests of the digital euro based on a specially developed blockchain.
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