Hong Kong Monetary Authority wants ConsenSys to develop technology for CBDC

Blockchain tech company ConsenSys announced that it would work on the second phase of ‘Project Inthanon-LionRock,’ which will allow the firm to design a proof-of-concept for CBDCs. This project was launched in 2019 by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) to “study the application of a CBDC to cross-border payments. The release added that ConsenSys will partner with PricewaterhouseCoopers Limited and Forms HK to work on this project.  

ConsenSys will develop technology for a central bank digital currency (#CBDC) proof-of-concept with @PwC. https://t.co/0iFQ7bbKRa pic.twitter.com/rB8xCjHTqc

— ConsenSys (@Consensys) September 25, 2020

The firm said it would use its Ethereum stack, to test and come up with solutions for scalability, security, and interoperability, of CBDCs. Moreover, the firm reasoned its use of Ethereum in blog by stating: 

Ethereum in particular is the most production-ready blockchain to support CBDC requirements in terms of scalability and privacy.

ConsenSys had previously created decentralized payment networks with leading central banks including the Monetary Authority of Singapore and the South African Reserve Bank, the release stated. Director of Hong Kong, ConsenSys, Charles d’Haussy said in a statement: 

ConsenSys is thrilled to lead this implementation of CBDC for cross-border payments. We are humbled to work on the development of Hong Kong’s Financial infrastructure.