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Hong Kong’s pick of ConsenSys for phase two of its proposed cross-border payment system is a recognition of ConsenSys stride in the blockchain space.
The Hong Kong Monetary Authority (HKMA) has selected Ethereum development studio ConsenSys, as the trusted partner for the Phase 2 of its Project Inthanon-LionRock, the country’s equivalent of a Central Bank Digital Currency (CBDC). According to ConsenSys, the award involves a cross-border payment network study project, which would be done in conjunction with PricewaterhouseCoopers and Forms HK.
As the Joseph Lubin-led company noted, the cross-border payment infrastructure to be developed was birthed following a 2019 Memorandum of Understanding signed between the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) to study the application of a central bank digital currency (CBDC) for cross-border payments.
“Having designed and delivered decentralized payment networks with leading central banks including the Monetary Authority of Singapore and the South African Reserve Bank, ConsenSys is at the forefront of developing technology that enables digitalization and increased global connectivity of financial markets. Using its enterprise Ethereum stack, ConsenSys will test solutions that prioritize scalability, security, and interoperability,” ConsenSys stated in the official announcement.
“ConsenSys is thrilled to lead this implementation of CBDC for cross-border payments,” said Charles d’Haussy, director of ConsenSys Hong Kong.
Hong Kong and ConsenSys, Fusion of Blockchain-centric Entities
The duo of Hong Kong and ConsenSys are two pro-blockchain entities whose fusion can help bring a greater use case for blockchain and decentralized ledger technologies (DLT). Hong Kong is a prominent blockchain and digital currency hub, with the region’s economy now getting linked to a surge in cryptocurrency activities.
Hong Kong has been setting the pace for massive blockchain integration, rallying over 10,000 participants at the Chain2020 event, one of the world’s largest gathering of people from around the globe with an interest in decentralized finance (DeFi), blockchain, and other tech-related services. In consolidating these drive, the Hong Kong blockchain week went live days ago with key stakeholders in the sector coming together.
With a generally well-acclaimed interest in digital currencies, Hong Kong’s pick of ConsenSys for phase two of its proposed cross-border payment system is a recognition of ConsenSys stride in the blockchain space.
ConsenSys has prior experience developing blockchain products for countries. The firm recently acquired JPMorgan Chase’s Quorum blockchain solution, aiming to use the solution unifying the company’s existing Hyperledger Besu-based Enterprise Ethereum client, while supporting all of the Quorum installations globally. While the company celebrates this addition, it noted that it has a plethora of CBDC architectural plans to deploy in the HKMA’s Project Inthanon-LionRock.