Tezos Blockchain To Power France’s CBDC, Price Unaffected

www.cryptovibes.com 2020-09-16 08:46
Reading time: ~2 m

Tezos blockchain has found a new real-world use case. Based on the latest reports, Societe Generale-Forge (SGF) confirmed that they had selected Tezos blockchain to set up France’s central bank digital currency (CBDC).

The crypto and blockchain worlds are still growing. Experts and analysts are convinced that many of the high-ranking cryptos will get real-life use cases which will drive massive global adoption of digital assets.

On the other hand, blockchain is rapidly gaining usage in various sectors of the global economy. From healthcare to banking to supply chain and many more; this technology is set to disrupt the way many sectors are managed and operated in the coming years.

#Tezos selected by @SocieteGenerale -Forge for its Central Banking Digital Currency experiment. Nomadic Labs is proud to contribute to this project. More info below:https://t.co/gpblNTYzVX

— Nomadic Labs (@LabosNomades) September 15, 2020

In that context, Nomadic Labs said through Twitter that they are a Tezos development firm that will also be contributing to the project. The following Tezos advantages were important in the decision-making process:

  • Liquid proof-of-stake consensus mechanism.
  • Seamless on-chain governance.
  • Formally verified smart contracts.

According to Societe Generale-Forge, the factors make Tezos perfect for many high-value financial applications. The notable potential partners for the creation of the CBDC project as short-listed by Banque de France (France’s national bank), including HSBC, Accenture, and Seba Bank.

Tezos Technical Analysis

Despite that news, the price of XTZ has remained unaffected. The XTZ/USD bulls had recently lost momentum at around the $2.65-level. After that, it dropped to about  $2.45 over the last three days but has recovered slightly to trade at $2.52 at the time of writing.

Currently, the relative strength index (RSI) is oscillating near the oversold region. That means the bears can drop the price down towards the $2.39 support level. If that happens, the RSI will sink into the oversold zone, which may then trigger a bullish revival.