ConsenSys selected to develop Hong Kong and Thailand CBDC project

Blockchain firm ConsenSys has been awarded the contract to develop a cross-border payment network by the Hong Kong Monetary Authority (HKMA).

ConsenSys announced on September 25th that it will develop technology for a central bank digital currency (CBDC) that uses the proof-of-concept mechanism for cross-border payments between banks in Hong Kong and Thailand.

Project Inthanon-LionRock was initiated in May 2019 with the signing of a Memorandum of Understanding by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) to study the application of central bank digital currency (CBDC) for cross-border payments.

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The project has entered its second phase which is the implementation phase. ConsenSys will be working on the implementation phase of Project Inthanon-LionRock with Forms HK and PricewaterhouseCoopers Limited.

Director of ConsenSys in Hong Kong, Charles d’Haussy said:

“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,”  

The blockchain firm has previously worked with the Monetary Authority of Singapore and South African Reserve Bank to develop decentralized payment networks. With this impressive track record ConsenSys will be utilizing its enterprise Ethereum stack to develop product solutions that promotes scalability, interoperability and security.

ConsenSys was in the news recently following the acquisition of Quorum, an enterprise-variant of the Ethereum blockchain developed by J.P. Morgan.