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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.
By Danny Nelson
Updated Sep 14, 2021, 10:00 a.m. Published Sep 25, 2020, 3:01 p.m.
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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.
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- 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.
