SocGen uses Tezos public blockchain to trial a digital Euro

Thursday 17 September 2020 14:59 CET | News

Société Générale (SocGen) Forge, selected by Banque de France to participate in its wholesale central bank digital currency (CBDC) trials, is using the Tezos public blockchain as the platform for the trials.

The tests aim to explore the settlement and delivery of securities with a digital Euro. Most of the experiments will focus on on-chain settlement.

Société Générale already has a track record with the Banque de France and CBDC. The Bank worked with SocGen Forge on the issue of EUR 40 million of covered bonds on a public blockchain. The transaction was settled instantly with delivery versus payment (DvP) using central bank issued digital euros. The bank confirmed to Ledger Insights that this transaction used Tezos.

According to the online publication, the Tezos blockchain has roots in France with a French founder and French development teams. A few enterprise applications use Tezos, including Brazilian investment bank BTG Pactual for security tokens. And the Association of Chartered Certified Accountants (ACCA) has partnered with a Tezos Southeast Asia to explore accounting applications.

Tezos has been the source of a fair bit of controversy. After a USD 232 million ICO in 2017, were sued by investors over the ICO, claiming it was an unregistered securities sale. The foundation eventually settled for USD 25 million without a ruling that the ICO was an unregistered securities sale.

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Keywords: Société Générale, SocGen, Tezos, CBDC, banks, payments , blockchain, France
Categories: DeFi & Crypto & Web3
Countries: France
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DeFi & Crypto & Web3

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