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Home Explore CBDC

France, Singapore, and Switzerland Test Cross-Border CBDCs in Project Mariana

28 September 2023
in CBDC, News
Reading Time: 3 mins read
109 2
France, Singapore, and Switzerland Test Cross-Border CBDCs in Project Mariana

source: paytm.com

The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland have completed a collaborative experimental test focused on cross-border trading and settlement involving wholesale central bank digital currencies (CBDCs).

According to a report published by the Banque de France on September 28, 2023, the experimental study, named Project Mariana, tested the cross-border trading and settlement of a hypothetical euro, Singapore dollar, and Swiss franc CBDC between simulated financial institutions on a public blockchain. 

These tests also incorporated DeFi concepts, including how token standards facilitate the exchange and interoperability of different CBDCs, how bridges could seamlessly transfer tokens between different blockchain networks, and the role of Automated Market Makers (AMMs) within these systems.

The report indicated that the protocols developed during Project Mariana

“could be used by the next generation of financial market infrastructures facilitating cross-border trading and settlement between financial institutions.”

Emmanuelle Assouan, Director General for Financial Stability and Operations at Banque de France, described Project Mariana as a novel experiment with practical solutions for exchanging multi-CBDCs in a global network. In her words: 

“Mariana is a novel experiment in several aspects: we have developed a practical solution to exchange multi-CBDCs in a global network interoperable with regional platforms on which the CBDC of each jurisdiction is issued; this could be a forerunner for the functioning of cross-border payments in the future.”

Assouan also mentioned that Banque de France will host a live demonstration of the project during its upcoming conference on October 3, 2023.

Although Project Mariana is considered a success, the report emphasized the need for “further research and experimentation” to fully explore the concepts introduced.

The BIS has been actively advocating for the adoption of CBDC technology by central banks worldwide. Its involvement in Project Mariana is one of several collaborative initiatives it has facilitated in recent months. Notably, the institution recently published a report on Project Sela, a joint project with the Israeli and Hong Kong financial authorities, exploring the direct availability of retail CBDCs to consumers without traditional banks’ involvement.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BISFranceSingaporeSwitzerland
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Favour Olaiya

Favour Olaiya

Favour is passionate about education and empowering people through knowledge sharing. He creates content centered around societal development and providing access to technology. When he's not doing this, you can find him nose-deep in classic books or taking a deep dive into the intriguing history of science.

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