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BIS joins France and Switzerland's central banks on cross-border CBDC project

June 10, 2021. Summarized by summa-bot.

Compression ratio: 47.5%. 1 min read.

The Bank of France, along with the Swiss National Bank and the Bank for International Settlements will test a cross-border wholesale CBDC in conjunction with a private consortium led by Accenture.

The Bank of France and the Swiss National Bank are teaming up with the Bank for International Settlements’ Innovation Hub to test a wholesale central bank digital currency (CBDC) system dubbed “Project Jura. ”

According to a release by the Bank of France on Thursday, the Project Jura pilot study will also draw participation from a private consortium led by global service company Accenture.

In July 2020, the central bank selected eight financial institutions to test its interbank CBDC project.

However, the Bank of France circular clarified that Project Jura remains an exploratory study and does not indicate any plans to issue a CBDC by another of the participating central banks.

International cooperation is becoming a major focus of CBDC development with efforts being made to develop viable protocols for cross-border settlements among central banks.

Indeed, both Hong Kong and China are also involved in a broader cross-border CBDC project along with the central banks of Thailand and the United Arab Emirates.

by summa-bot

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