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French bank taps into cryptocurrency

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  • A major French bank is working alongside a software company to produce cryptocurrency.
  • Societe Generale, a branch of the French central bank, is partnering with ConsenSys, Ethereum software company for their expertise.
  • France, which has the second-largest economy in the EU, is the first in the EU to utilise blockchain.

French bank taps into cryptocurrency

A major French bank is working alongside a software company to produce cryptocurrency. Societe Generale, a branch of the French central bank, is partnering with ConsenSys, Ethereum software company for their expertise.

France, which has the second-largest economy in the EU, is the first in the EU to utilise blockchain. Societe Generale started creating a central bank digital currency (CBDC) after taking part in the test of a digital euro on the 14th of May 2020.

The test of a digital euro for the French bank was about completing a sequence of experiments to find the ultimate digital currency. Trials with ConsenSys for cryptocurrency began in France last month.

In a press release, a representative of ConsenSys said they are helping create, organise, delivery, payment and innovation of the CBDC. ConsenSys has previously partnered with South Africa and its reserve bank as well as with Singapore’s Monetary Authority to create a CBDC.

South Africa

For the South African Reserve Bank, they worked on Project Khokha with Blockchain technology to develop the national bank currency. The project which began in 2017 aimed to innovate technology to address the needs of South Africa.

Singapore

The Monetary Authority of Singapore has launched a Blockchain Project called Ubin. What the Monetary Authority ended up creating was a fully functioning, private system using Blockchain platforms.

Other Countries

Both Spain and Estonia are following the tracks that France is leaving and are researching about the digital currency. Banque de France is well on their way to start as they are looking to make payments across the border more speedy and into a crypto euro.

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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