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The Bank of France and the Swiss National Bank are teaming up with the Bank for International Settlements’ Innovation Hub to test a wholesale central bank digital currency (CBDC) system dubbed “Project Jura.”
According to a release by the Bank of France on Thursday, the Project Jura pilot study will also draw participation from a private consortium led by global service company Accenture. Other establishments in the private consortium include Credit Suisse, UBS, SIX Digital Exchange and R3.
The experiment will reportedly use two wholesale CBDCs one pegged to the euro and the other pegged to the Swiss franc. According to the announcement, the process will involve the exchange of financial instruments against each wholesale CBDC via a delivery versus payment settlement apparatus.
<ul>
<li><span>The BIS Innovation Hub, Swiss National Bank, Bank of France and a private sector consortium will collaborate in a wholesale CBDC (wCBDC) experiment.</span></li>
<li><span>Project will investigate the potential benefits and challenges of wCBDC in settling cross-border payments and digital financial instruments.</span></li>
<li><span>Part of a series of CBDC experiments announced by the Bank of France in July 2020.</span></li>
<li></li>
</ul>
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.
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French and Swiss central banks to run wholesale digital currency trial 2 hours ago
7 The Banque de France and the Swiss National Bank are to work with a private sector consortium on the trial of a CBDC-based cross-border payments moodel for transactions in the wholesale markets. The two central banks are collaborating with the BIS Innovation Hub and a coalition of partners led by Accenture that includes Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS.