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Central Bank of France and Switzerland Runs Cross-Border CBDC Trial at’Project Jura’

CBDCCentral Bank of France and Switzerland Runs Cross-Border CBDC Trial in ‘Project Jura’ AnTyJune 10, 2021The Banque de France and the Swiss National Bank are working with a private sector consortium for the trial of a central bank digital currency (CBDC) in a project dubbed Jura.The two central banks are collaborating with BIS Innovation Hub…

CBDC

Central Bank of France and Switzerland Runs Cross-Border CBDC Trial at’Project Jura’

The Banque de France and the Swiss National Bank are working with a private sector consortium for the trial of a central bank electronic currency (CBDC) in a project dubbed Jura.

The two principal banks are collaborating with BIS Innovation Hub and a group of partners, including Accenture, Credit Suisse, R3, SIX Digital Exchange, UBS, and Natixis, for the CBDC-based cross-border payments version for trades in the wholesale markets.

Through this initiative, the banks aim to explore the possible advantages and challenges of wCBDC in settling cross-border payments and electronic financial instruments.

“It is essential for central banks to stay on top of technological developments,” said Andréa M Maechler, member of the governing board in Swiss National Bank. The central bank is already working on the settlement of tokenized assets with wCBDC as part of”Project Helvetia.”

This experimentation will be researching cross-border settlement with digital euro and digital Swiss franc and a French digital financial instrument on a distributed ledger technology platform.

It will involve the trade of the fiscal instrument from a euro wCBDC through a delivery versus payment (DvP) settlement mechanism and the trade of a euro wCBDC contrary to a Swiss franc wCBDC through a payment versus payment (PvP) settlement mechanism.

The trades will be settled between banks placed in France and in Switzerland, respectively.

AnTy

AnTy was involved in the crypto space full-time for more than two decades now. B

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