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The Bank of Canada and the Monetary Authority of Singapore (MAS) have successfully conducted an experiment on cross-border payments via central bank digital assets, the official press release reports.

According to the announcement, both banks linked up their respective experimental payment networks, called "Project Jasper" and "Project Ubin1", which are based on two different blockchains.

"This is the first such trial between two central banks, and has great potential to increase efficiencies and reduce risks for cross-border payments," states the announcement.

Back in February, the Central Bank of South Korea stated that the launch of a central bank digital currency (CBDC) may have "negative consequences on the South Korean financial system."

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