On Wednesday, the Banque de France (BdF), the BIS Innovation Hub (BISIH) and the Swiss National Bank (SNB) announced the success of a pilot test of a digital currency issued by the wholesale central bank (wCBDC), titled Project Jura . The project aimed to investigate cross-border settlement with wCBDC in euros and Swiss francs, and was launched on a third-party distributed ledger technology platform.
The experimental technology explored in Project Jura first consisted of a decentralized network of peer-to-peer computing nodes (Corda) to validate transactions and, at the same time, ensure that all legal, regulatory and commercial standards of the nations are met. rulers. Then there was the tokenization of the aforementioned fiat currencies and the Negotiable European Commercial Paper, a debt instrument with a short-term maturity (one year or less) denominated in euros. Finally, Project Jura examined infrastructure networks that enable real-time gross transaction settlement, bond digitization, and a digital asset register.
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Although the test was successful, it does not guarantee the issuance of a wCBDC by the Swiss, French or European Union authorities. The report concluded that, “wCBDCs could be incorporated into new settlement arrangements that could change the structure and functioning of capital markets, money markets, and currency markets,” saying that:
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