Crypto

Banque de France announces successful digital euro test

The central banks of France and Switzerland announce a successful test of the digital euro and the Swiss franc

On Wednesday, the Banque de France (BdF), the BIS Innovation Hub (BISIH) and the Swiss National Bank (BNS) announced the success of a pilot test of a wholesale central bank digital currency (wCBDC), titled Project Swear. The project, which aimed to investigate cross-border settlement with wCBDC in euros and Swiss francs, was launched on a third-party distributed ledger technology platform.

Although the project was successful, central banks cautioned that significant sets of rules, emergency procedures, and supervisory capacity were needed to ensure a successful CBDC.

The experimental technology explored in the Jura project consisted of a decentralized network of peer-to-peer computing nodes (Corda) to validate transactions while ensuring that all legal, regulatory and commercial rules of the ruling nations are followed.

Then there was the tokenization of the aforementioned fiat currencies and European Negotiable Commercial Paper, a short-term debt instrument (one year or less) denominated in euros. Finally, the Jura Project analyzed the infrastructure networks that allow the gross settlement of transactions in real time, the digitization of bonds and a registry of digital assets.

Although the trial was conclusive, it does not guarantee the issuance of a wCBDC by the Swiss, French or European Union authorities. The report concludes that “wCBDCs could be incorporated into new settlement agreements that could change the structure and functioning of capital markets, money markets, and currency markets,” and states that:

“Expanding the use of central bank money through greater access or greater cross-border settlement could catalyze these changes, as could further integration of currencies with other digital assets and securities. “

EUR / CHF digital experimental architecture

Source: BISIH

Par Zhiyuan Sun, Cointelegraph

Zhiyuan Sun is a technology writer at Cointelegraph. He first trained in mechanical engineering in college, and quickly developed a passion for cryptocurrencies and finance. He has several years of experience writing for major financial media such as The Motley Fool, Nasdaq.com, and Seeking Alpha. When he is away from his compound, he can be found in his deep sea diving equipment.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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