Société Générale and Banque de France carry out operations on the Blockchain

Société Générale recently announced that it had fully carried out a market operation on the blockchain. It's his subsidiary, Société Générale - Forge, which is directly involved. The Bank of France has also participated, demonstrating its commitment to democratising this technology and to leading current developments involving tokenized assets.

FACTS

• Societe Générale and the Banque de France have thus carried out a repurchase operation in digital securities with the Banque de France.

• It is therefore the Forge subsidiary of Société Générale that deposited bonds issued in 2020 with the Banque de France on the Ethereum public blockchain, in exchange for digital Central Bank currencies (NMBC) issued by the Banque de France on its DL3S blockchain (a blockchain for testing).

• The transaction is formalized as it aims to demonstrate the technical feasibility of this type of interbank refinancing operation via the blockchain.

• SG - Forge seeks here to consolidate its status as "record content on behalf of the issuer".

ISSUES

• Signing a major innovation : According to industry observers, the new initiative led today by Société Générale with the Banque de France on the blockchain represents a major innovation in the financial sector. Indeed, it reflects the democratisation and the use of new technology by historical financial institutions. It also allows the latter to become involved in a major technological development for the sector.

• A new step : The operation conducted by Société Générale - Forge and the Banque de France represents an additional step towards the generalisation of transactions involving tokenised assets on the blockchain.

PERSPECTIVE

• Société Générale is not the only large French bank to have implemented a large-scale transaction in digital asset settlement with the Banque de France. BNP Paribas also just comes to announce participating in Eurosystem experiments on Distributed Ledger Technology (DLT) wholesale settlement solutions, based on distributed registry technology

• The Bank's objective is clearly stated: to contribute to the modernisation of European markets through new technologies. The blockchain and the digital currencies of the Central Bank are thus presented as tools with high potential.

• These two joint announcements demonstrate in any case that the market has reached a new level of maturity for the Blockchain.

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