The central banks of France and Switzerland announced successful testing of the digital euro and the Swiss franc in both countries, but cautioned that important rulebooks, emergency measures and monitoring capabilities were needed. To ensure the success of central bank currencies.
The Bank of France (BdF), the Innovation Center of the Bank for International Settlements (BISIH) and the Swiss National Bank (SNB), said on Wednesday that the trial run of the central bank's digital currency will begin Wholesale (wCBDC), titled Project Jura, has done well.
The project aims to investigate cross-border settlement of wCBDCs in euros and Swiss francs, and was launched on a third-party DLT platform.
The experimental technology explored in Project Jura consists first of a peer-to-peer decentralized network of computer nodes (CORDA) to validate transactions while ensuring that all rules are met. legal, regulatory and commercial states at the same time.
Next, there was the markup of the aforementioned fiat currencies and the European Negotiable Paper, a short-term debt instrument (one year or less) denominated in euros.
Finally, Project Jura looked at infrastructure networks that enable real-time aggregate settlement of transactions, digitization of bonds, and the ledger of digital assets.
While the trial was successful, it does not guarantee that wCBDC will be issued by the Swiss, French or European Union authorities.
The report concluded that WCBDC currencies could be incorporated into new settlement arrangements that could change the structure and functioning of capital markets, money markets, and foreign exchange markets.
