Societe Generale-Forge (SGF) has chosen Tezos blockchain to create France’s central bank digital currency (CBDC). The bank is optimistic about their choice considering Tezos’ formidable underlying technology. The announcement was made on Twitter by Nomadic Labs, a Tezos development firm contributing to the CBDC project.
For SGF, the seamless on-chain governance, verified smart contracts, and liquid proof-of-stake consensus mechanism makes Tezos the ideal blockchain for high-value financial applications. Also, the central bank digital currency project for France has already attracted potential partners, including Accenture, HSBC, and Seba Bank.
XTZ/USD bulls lost momentum at the $2.65 level and dropped to $2.45 over the last three days. Despite the announcement, the price has remained unaffected. The relative strength index (RSI) is extending to the oversold zone. In other words, the bears can drop the price down to the $2.39 support level. Following this, the relative strength index will dip into the oversold zone, which may trigger a bullish revival.