Stock Groups

Digital euro, Swiss franc trials were successful, c.banks say -Breaking


© Reuters. FILE PHOTO. Benoit Coeure (ECB board member) is captured during an interview at the ECB Headquarters in Frankfurt, Germany on May 17, 2017. REUTERS/Kai Pfaffenbach/File Photo

John Revill

ZURICH, (Reuters) – The central banks of France and Switzerland have praised Europe’s first trans-border trial for digital currency payments. They said that although it was a successful experiment in central bank digital currencies, the outcome would not be immediate.

Project Jura is named for the mountain between these two countries. It’s the latest CBDC trial that central banks have conducted to counter the threats posed by crypto assets.

“Project Jura confirms that a well-designed wholesale CBDC can play a critical role as a safe and neutral settlement asset for international financial transactions,” said Benoît Coeuré, head of the Innovation Hub at the Bank for International Settlements.

This trial was the first to fully test a digital Swiss franc or digital euro. It showed that foreign exchange transactions could be settled in Swiss franc wholesale CBDCs and tokenised French commercial paper can also be issued, redeem and transferred among financial institutions.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, futures, indexes or Forex. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. Because prices might not reflect the market, they may be incorrect. This means that prices cannot be considered indicative and are inappropriate for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.