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Hong Kong Reportedly Picks ConsenSys for Digital Currency Pilot Project
The Ethereum venture studio said it will work on implementing Hong Kong and Thailand's cross-border CBDC.
Ethereum workshop ConsenSys said it has been chosen by the Hong Kong Monetary Authority (HKMA) to assist in Hong Kong and Thailand's cross-border central bank digital currency (CBDC) pilot.
STORY CONTINUES BELOW
- ConsenSys said in a Friday announcement it will "work on the second implementation stage" of those countries' Project Inthanon-LionRock CBDC alongside consultancy PricewaterhouseCoopers and Forms, a Hong Kong fintech.
- A joint effort by HKMA and the Bank of Thailand, Project Inthanon-LionRock is examining if, where and how distributed ledger technology (DLT) might enhance cross-border payments between commercial banks.
- Inthanon-LionRock's third phase wrapped in December 2019 with the development of a workable CBDC prototype. Project leads determined CBDC could indeed make cross-border payments more efficient but did not specify concrete next steps.
- HKMA did not immediately confirm the partnership. Further details were not available by press time.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
