France, Singapore and Switzerland join hands to test CBDC
Major banks from three countries, France, Singapore and Switzerland, have begun testing CBDC. Banque de France issued a report on September 28.
The project called Mariana was developed by Banque de France, MAS (Singapore) and the Swiss national bank. It has been testing cross-border transactions and CBDC payments. The model uses DeFi technology on public blockchain .
The project operates using a common Token Standard on the public chain . It uses a talk bridge to transfer CBDC seamlessly between different networks. Also a DEX for trading and settling forex transactions automatically.
According to reports, participants considered the experiment to be quite successful. However, they also said it "needs further research and testing". The Mariana project also clearly stated its opinion on the experimental nature of the project:
“The Mariana project is purely experimental and does not indicate that any partner central bank intends to issue a CBDC or DeFi attestation or a specific technological solution.”
BIS opinion
The day before Project Mariana was released, BIS director general Agustín Carstens spoke about the need to clarify national regulatory frameworks in countries where central banks do not have the authority to issue CBDCs.
BIS remains the main promoter of cross-border CBDC, with a number of pilot tests being carried out globally. Thus, in September, the central banks of Hong Kong and Israel announced the results of their Sela Project , while Hong Kong Monetary Authority CEO Eddie Yue announced the expansion of Project mBridge , which already includes the central banks of China, Thailand and the United Arab Emirates.
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