France, Singapore, and Switzerland Test Cross-Border CBDCs

The Bank for International Settlements (BIS), along with the central banks of France, Singapore, and Switzerland, has successfully completed a joint test focused on the cross-border trading and settlement of wholesale central bank digital currencies (CBDCs). The Banque de France published the findings of this report on September 28.

This initiative, known as Project Mariana, was developed collaboratively by the Banque de France, the Monetary Authority of Singapore, and the Swiss National Bank, with the BIS overseeing the project. It involved testing the cross-border trading and settlement of hypothetical CBDCs in euros, Singapore dollars, and Swiss francs among simulated financial institutions. The project utilized decentralized finance (DeFi) technology concepts on a public blockchain.