Ethereum development studio ConsenSys has been awarded a central bank digital currency (CBDC) study project by the Hong Kong Monetary Authority (HKMA).
ConsenSys announced the news on Friday, saying that it will develop technology for the HKMA’s digital currency proof-of-concept. ConsenSys will work with PwC and fintech firm Forms HK on the project.
Specifically, the trio would work on the second implementation phase of the project Inthanon-LionRock, that initially began in 2018. “ConsenSys is thrilled to lead this implementation of CBDC for cross-border payments,” said Charles d’Haussy, director of ConsenSys Hong Kong.
Using its enterprise Ethereum stack, ConsenSys said it would test solutions that prioritize scalability, security, and interoperability.
ConsenSys has previously worked with two central banks – the Monetary Authority of Singapore (Project Ubin) and the South African Reserve Bank (Project Khokha) – for developing their decentralized payment networks.