French and Swiss Central Banks to Test Cross-Border CBDC Payments
French and Swiss Central Banks to Test Cross-Border CBDC Payments
Many private tech and financial players are involved in the project.
Arnab Shome
2021-06-10T12:26:03+00:00
2021-06-10T13:36:33+00:00 Photo: Swiss Alps
The Bank of France and the Swiss National Bank have joined hands to launch the trial of cross-border transactions using central bank digital currencies (CBDC).
Announced on Thursday, the Bank of International Settlements (BIS) Innovation Hub is a partner of the two central banks in the trial, which will be the first of such kind in Europe. Additionally, a private consortium of companies, including Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS, led by IT giant Accenture are also involved in the trial.