France and Switzerland successfully tested cross-border payments with CBDC/Cryptocurrency headlines

It owns the Bank of France, the Swiss National Bank (SNB), and the Bank for International Settlements (BIS) Successfully tested the implementation of wholesale central bank digital currency in international payments.

The experiment, conducted by the monetary authorities of France and Switzerland and the Bank for International Settlements, revealed that central bank digital currencies (CBDCs) can be effectively used in international agreements between financial institutions.

Damned, as the name of the article, focusing on Settlement of transactions in EUR and CHF through wholesale CBDC, As well as the issuance, transfer and payment of a French commercial paper denominated in euros between French and Swiss financial institutions, the banks explain.

Read more: ► Australia will test international digital payments with Singapore, Malaysia and South Africa

The recently ended rehearsal, It uses distributed cause technology It was implemented with the support of private companies Accenture, Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS. The test consists of a direct wholesale digital currency conversion of Euro and Swiss Franc digital currencies between commercial banks in France and Switzerland on a distributed ledger platform operated by a third party with real-value transactions.

According to the partners, the wholesale issuance of digital currencies that give non-resident regulated financial institutions direct access to central bank funds raises some policy questions. To solve it, they adopted a new focus, using subnetting and dual signature, which would give central banks the confidence to issue direct cryptocurrency for bulk cryptocurrency on third-party platforms.

This was said by Benoit Coeur, who heads the BIS Innovation Center “Project Jura confirms that a well-designed wholesale CBDC can play an important role as a safe and neutral settlement asset…

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This note was originally published on: 2021-12-10 00:11:00

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