Societe Generale – Forge is a technology-based startup that was launched by the huge French Multinational investment bank, Societe Generale. According to the latest development, the tech startup has selected Tezos for its Central bank Digital currency (CBDC) experiment. In July this year, Societe Generale-Forge was selected by Banque de France as a part of its call for applications to experiment with the use of Central Bank digital currency for interbank settlements. The experiment is considered the first in a European nation and intends to focus on the feasibility of financial securities being digitally settled and delivered in CBDC.
The new pool of technology providers and advisors will also Nomadic Labs considered to be one of the biggest research and development centers in the Tezos ecosystem. It will particularly participate in the project to contribute to technological expertise and a fair share of experience. The selection of both Tezos and Nomadic labs goes on to prove the innermost fundamentals of the Tezos blockchain. It shows how strong its fundamentals are and highlights the quality of its research and development teams.
Nomadic Labs that is based in Paris has several years of experience working on the development of the Tezos blockchain. It has also spared every effort to promote its adoption across different nations. The team at Nomadic labs have been crucial to the development of Tezos protocol. It has a native smart contract language that has features such as on-chain governance, a consensus algorithm based on Proof of Stake, and its ability to manage formal verification of the smart contracts. With several features such as this, it makes Tezos the best choice for high-value financial applications.
Michel Mauny, President of Nomadic Labs said:
“The Tezos project, strengthened by its technical capabilities, its adaptability, and its strong community, is already present in various projects, both in France and abroad. We are especially pleased to see this technology selected by Societe Generale – Forge, and to reaffirm, once again, that the quality and expertise of our engineering is rewarded.”
Back in 2019, Banque de France Governor François Villeroy de Galha said that he wanted France to be the first-ever country to issue a digital currency. So right from the start of this year, it has strived to achieve the dream of Central Bank digital currency on an experimental basis. It now wants to explore with its partners, what the potential of new technologies is to bring about disruptions in the financial world especially the interbank regulations.
France is now seen as the torchbearer to trigger change by leading the charge towards CBDC. Following its example are several countries like Italy, the Netherlands are also in the running. The Central Bank has confirmed that as of now trials will take place but interesting details about the how-of-it has been kept under wraps. When Banque de France called for applicants, it was specific that it needed those proposals that focused on utility and innovation.