Weekly Updates

CBDCs & Tezos - a Q&A with Nomadic Labs Adoption Manager Hadrien Zerah

Following the exciting announcement that Société Générale-Forge has selected Tezos for its Central Bank Digital Currency (CBDC) experiments, we talked to Nomadic Labs Adoption Manager Hadrien Zerah about how the project came about and is progressing. Check out the Q&A!

Hadrien Zerah

What is a Central Bank Digital Currency (CBDC)?

A CBDC is a digital form of currency. It is issued and regulated by a central bank. It is a numerical representation of a fiat currency. It is collateralized by currency reserves (precious metals such as gold or local/foreign currencies) to guarantee the stability of the value. A CBDC can be used as a method of payment, value reserve or unit of account. 

 

It was recently announced that Societe Generale had selected Tezos for trials for the digital currency of Banque de France. How did this come to be?

At Nomadic Labs, we have been in discussions with Société Générale since 2019. On April 12, 2020,  when the Banque de France governor made his speech about CBDC, it was clear that Banque de France was about to launch a CBDC project. By reading his speech carefully, it was also clear that this CBDC was going to be a wholesale one. Since then, we have hoped to partner with an entity able to carry out such a project: Société Générale-Forge was a natural partner for us.

 

How long has Nomadic Labs been working on this project?

For Nomadic Labs, the project started late 2019, when we anticipated the request for experimentation from Banque de France by launching the development of a PSD2 compliant Euro stable coin prototype. This project is open source and can be found here

 

What is the Banque de France team looking for during these trials?

The aim of the experiments is threefold:

  • To show how “classic” use cases of a central bank currency could be achieved with a CBDC based on different technologies.
  • To identify the benefits of introducing a CBDC for the current financial ecosystem and to understand how this CBDC could foster financial innovation.
  • To analyse in detail what the effects of the introduction of a CBDC could be on financial stability, monetary policy and the regulatory environment.

Additional Ecosystem Updates:

This week, we announced the addition of two new Council members to the Tezos Foundation Council, Anil Madhavapeddy, a University Lecturer (Associate Prof) in the Computer Laboratory at the University of Cambridge, and Chris Wright, Senior Vice President and Chief Technology Officer (CTO) at Red Hat. We are thrilled to welcome their years of software development experience and technical expertise to help drive the Tezos project forward. Below are some additional updates from around the ecosystem:

FAQs

Is there a Press Kit for Tezos? 

A new brand asset kit for Tezos should be released in Q4 2020, as we are in the process of updating it. Community members who would like access to the current kit should reach out to @Rob_Font on Twitter. 

 

Are there any plans to involve the Tezos community in some way with the new grant platform?

The new grant platform will be released soon, as we are still finalizing features on the platform. Upon release, the community will have an opportunity to provide feedback on the platform.

Additionally, we have put in place other ways to support and reward Tezos community members like the Tezos community rewards program recently announced by TQ Tezos and Tezos Commons.

 

Is there a video documentary explaining a little bit of the history of money / trust based institutions, then introducing Cryptocurrency and later more specifically Tezos and a vision of a future with DLT integrated in the society. 

While we have not produced such a video, there are a number of useful videos and articles explaining the vision of Tezos that are available online, including this presentation from 2018 as well as this article on what blockchains accomplish and this article on the philosophy and values of Tezos.

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