The Banque de France, the Swiss National Bank and the Bank for International Settlements have completed the CBDC Crossing competition

The Banque de France, the Swiss National Bank (SNB) and the Bank of International Conferences have completed an attempt to complete the application of central bank wholesale digital currencies in cross-border payments. . This project uses data distribution technology and is carried out with the help of private companies.

France and Switzerland are looking for a direct exchange of digital currencies Euro and Swiss Franc.

Participants in the experiment reported that a joint experiment of the Monetary Authority of France and Switzerland and the Bank for International Settlements (BIS) showed that the digital currency bank (CBDC) could use was good for international contracts of financial companies.

The bank explained that the recent Jura project aimed to resolve the currency issue in wholesale Euro and Swiss Franc CBDCs and the announcement, exchange and redemption of tokenized information in the French Euro denominated market. French and Swiss financials.

The experience involves the direct exchange of wholesale CBDCs in euros and Swiss francs with commercial banks in France and Switzerland on a joint venture carried out by a third party, with real results. It is carried out in partnership with private companies such as Accenture, Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS.

According to partners, releasing wholesale CBDCs by providing non-public financial institutions with direct access to bank accounts can lead to policy issues. Using a new approach that uses crosslinked and dual signature solutions to address these issues is intended to give banks in the middle the confidence to deliver wholesale CBDCs from our tog platforms. Benoît Cœuré, director of the BIS Innovation Center, said:

Project Jura recognizes that a well-functioning CBDC can play an important role as a medium-sized, security asset for the global financial system. It also shows how mid-sized banks and private companies can work together across borders to support innovation.

“The Jura has shown that wholesale CBDCs can take advantage of different cross-border returns and payments, which is important for global commerce,” said Sylvie Goulard, Executive Vice President of the Financial Institution.

The wholesale CBDC trial is part of a pilot project by the French bank last year and is a continuation of the Swiss National Bank's experiments on the Helvetia project. The bank said the move would also help G20 cross-border payments continue to function, warning that it should not be seen as overly targeted.