French and Swiss central banks announce successful trials of digital euro and Swiss franc

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On Wednesday, the Bank of France (BdF), the Bank for International Settlements Innovation Center (BISIH) and the Swiss National Bank (SNB) Announce The trial operation of the wholesale central bank digital currency (wCBDC) named Project Jura was successful. The project aims to study cross-border settlement with euro and Swiss franc wCBDC, and launch it on a third-party distributed ledger technology platform.

The experimental technology explored in the Jura project first consists of a decentralized computer node (Corda) peer-to-peer network to verify transactions while ensuring that all laws, regulations and business rules of the governing country are met. Then, the above-mentioned legal tender and negotiable European commercial paper (a debt instrument with short-term maturity (one year or less) denominated in euros) is tokenized. Finally, the Jura project studied infrastructure networks that support real-time total transaction settlement, bond digitization, and digital asset registration.

Although the test is successful, there is no guarantee Issue wCBDC By Swiss, French or EU authoritiesThe report concluded that “wCBDC can be included in the new settlement arrangement, which may change the structure and operation of the capital market, money market, and foreign exchange market,” and said:

“Expanding the use of central bank currencies through wider access or increased cross-border settlements may promote these changes, and the deeper integration of currencies with other digital assets and securities may also promote these changes.”

The experimental framework of the digital euro/Swiss franc | Source: BISIH