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.
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