Central banks from France, Switzerland and the BIS conclude cross-border CBDC process-finance
Central banks from France, Switzerland and the BIS conclude cross-border CBDC process-finance
The Bank of France, the Swiss National Bank (SNB) and the Bank for international payment compensation have successfully tested the use of the central bank's digital large customer currency in cross -border payments. The project used Distributed-Ledger technology and was realized with the help of private companies.
France and Switzerland explore the direct transfer of digital wholesale currencies in euros and Swiss francs
An experiment carried out by the currency authorities of France, Switzerland and the Bank for International Payment Compensation (BIZ) showed that the digital currencies of the central banks ( cbdcs ) can be used effectively for international payment compensation between financial institutions, the participants of the process shared.
project jura Processing of currency transactions in euro and Swiss francs CBDCs as well as on the output, transfer and repayment of a tokenized French commercial paper between French and Swiss financial institutions, the banks explained.
The attempt included the direct transfer of wholesale CBDCs into euros and Swiss francs between commercial banks in France and Switzerland on a single distributed Ledger platform that is operated by a third party, and with real value transactions. It was carried out in collaboration with private companies Accenture, Credit Suisse, Natixis, R3, Six Digital Exchange and UBS
According to the partners, the issue of wholesale CBDCs raises certain political questions due to the provision of regulated non-resident financial institutions direct access to central bank funds. In order to tackle this, they followed a new approach by using subnetworks and the signing by two notaries, which should give the central banks trust in issuing CBDCs for large customers on platforms from third -party providers. Benoît Cœuré, who leads the biz innovation center commented:
The Jura project confirms that a well-designed wholesale CBDC can play a crucial role as a safe and neutral settlement asset for international financial transactions. It also shows how central banks and the private sector can work across borders to promote innovations.
"Jura demonstrates how large trade CBDCs can optimize currency and cross-border handling that are an important facet of international transactions," added Sylvie Goulard, deputy governor of the Banque de France.
The wholesale CBDC experiment is part of a series of attempts that the Bank of France started last year, and a continuation of the tests that were carried out as part of the SNB project Helvetia . It also contributes to the ongoing work on cross -border payment transactions at g20 , but also noted that this should not be regarded as a plan for large customers to spend.
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