Key Points:
The CBDC cross-border testing, known as Project Mariana, not only marked a significant stride in financial technology but also harnessed the potential of decentralized finance (DeFi) technology concepts. Importantly, the test was executed on a public blockchain, introducing a new era of transparency and efficiency in cross-border transactions.
In practice, the CBDC cross-border testing showcased a seamless process, wherein a commercial bank in one country, for instance, France, requested wholesale CBDC from its central bank.
Subsequently, the commercial bank leveraged the central bank’s bridge to transfer wCBDC onto the public blockchain. There, the digital euro was exchanged for wholesale Singapore dollars using the automated market makers (AMM) before being transferred to the Singapore bank for onward payment.
Project Mariana’s final report, published today by the BIS Innovation Hub, detailed its wholesale CBDC experiment for foreign exchange (FX) and cross-border CBDC payments.
It involved a combination of both public and permissioned blockchains and integrated DeFi AMM into the process. The central banks that played a pivotal role in this experiment were the Banque de France, the Swiss National Bank, and the Monetary Authority of Singapore (MAS).
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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