Reading time for the article: 2 minutes Compact: Societe Generale – Forge wants to develop digital central bank money (CBDC). To this end, it is experimenting with Tezos as the basis for the project in the future. The developer forge Nomadic Labs is providing support. The French central bank Banque de France has Societe Generale – Forge selected to conduct a research project to develop a “Central Bank Digital Currency”. To this end, Societe Generale – Forge is in turn supported by Nomadic Labs. Instead of testing a completely separate platform, Tezos (XTZ) will serve as the basis for the experiment. Societe Generale – Forge is a tech start-up from the commercial bank of the same name. Forge was selected from a series of applications by the French central bank in July, which is another positive sign from France, as it is the declared aim to be the first to present a working solution for Europe.
Tezos offers a solid foundation
With Tezos you have chosen a blockchain that has a very wide range of functions and offers the best conditions. With regard to the actual use cases implemented, critics noted that Tezos has little to offer here. While DeFi takes its time, Tezos has primarily made headlines in connection with STOs. Now there is a second, very strong use case, albeit temporarily on an experimental level: The fact that Tezos has been chosen is also proof that the cryptocurrency and its blockchain are trusted. Rigorous failure would certainly not be compatible with France’s ambitions, even in the context of an experiment. In the end, however, there will be no blueprint for a digital euro that could end up in the pocket of citizens, but the test pilot is to be designed for interbank payments become.
XTZ course does not respond
The XTZ price was initially unaffected, the market is too busy with where Bitcoin is moving as a key currency. This means that XTZ has remained relatively stable at around $ 2.50 so far. In the last 14 days, it ranged comfortably between 2.41 and 2.79 US dollars. That the latest report from France is not suitable for a rally is not surprising, as it is just an experiment that wants to use the blockchain and not the cryptocurrency. There is no question that this could benefit from such an implementation, but all eyes remain on BTC when one wants to determine where the price trends will go in the coming days.
