As as a technology partner, ConsenSys will develop and test a prototype for CBDC


ConsenSys chosen for Bank of Thailand's CBDC project. (Credit: ConsenSys.)

The Bank of Thailand has selected ConsenSys as technology partner for the Central Bank Digital Currency (CBDC) project, alongside SCG and Digital Ventures (DV).

The companies will explore the potential of blockchain technology in the development of a proof-of-concept prototype for the CBDC project.

As as a technology partner for the project, ConsenSys will develop and test a prototype for CBDC.

Under the project, a private-permissioned network on Hyperledger Besu will be designed to address both the functional and non-functional requirements of a retail CBDC.

ConsenSys to work with its Thailand partner Atato

The use of CBDC will be tested with a business case to simulate daily commerce, automate payments, and support Procure-to-Pay (B2P), a procurement and financial management system developed by DV.

Also, ERC20 smart contracts will be used to test and issue CBDC, enabling digital asset issuance and transfers between network participants.

ConsenSys intends to work with its Thailand partner Atato, to design a solution leveraging its Enterprise Ethereum stack, including ​Codefi​ and ​MetaMask​.

ConsenSys Hong Kong director Charles d’Haussy said: “A retail blockchain-based CBDC represents a new technology for the issuance of central bank money, where tokenized central bank money is accessible to the general public, and in this case businesses piloting the solution.

“ConsenSys is thrilled to be a part of this ambitious project to explore a retail CBDC that will allow financial institutions and merchants throughout Thailand to enhance the speed and security of their daily payments infrastructure.”

The company has also been selected by Societe Generale – Forge to deliver technology and services as part of its ongoing CBDC pilot activities.

Societe Generale – Forge is the digital capital markets platform of the  Societe Generale Group

ConsenSys enterprise solutions Ken Timsit said: “We have high regard for the accomplishments of Societe Generale – Forge and are proud to be working with them. ConsenSys is committed to advances in the CBDC space and has assisted six central banks around the world on CBDC projects.”