Today the BIS Innovation Hub shared the results of Project Jura, the wholesale central bank digital currency (wCBDC) project that involved both the Banque de France and the Swiss National Bank.
Other participants included the SIX Digital Exchange (SDX), Natixis, UBS, Credit Suisse, Accenture, and R3.
The experiment aimed to enable instant settlement of foreign currency transactions as PvP and the use of wholesale CBDC to pay for tokenized commercial paper transactions as delivery versus payment. With immediate settlement and without intermediaries the solution reduces both costs and risk. The transactions are all realistic in that they comply with current regulations.
“Project Jura explores how distributed ledger technology can be successfully leveraged to map out how future-proof cross-border settlement between financial institutions could look like,” said Andréa M Maechler of the Swiss National Bank.
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