Banque de France Completes Cross-border CBDC Experiment with Singapore's Central Bank
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The Banque de France (BdF) has announced the completion of a wholesale cross-border payment and settlement experiment using central bank digital currency (CBDC) with the Monetary Authority of Singapore (MAS). BdF says the experiment was conducted on JPMorgan's blockchain network called Onyx.

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"This experiment is one of the last of the Banque de France wholesale experiment program, which will be achieved by fall 2021, and is the first m-CBDC experiment that applied automated market making and liquidity management capabilities to reap cross-border payment and settlement efficiencies," BdF said.

In the experiment, the financial institutions simulated cross-border transactions with Singapore Dollar (SGD) CBDC and €uro (EUR) CBDC. BdF the technology behind CBDCs offers "great potential" for the banking industry as it is simplifies integration and improves cost efficiencies.

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Previously in June, the French central bank also completed a CBDC experiment with a Swiss bank SEBA Bank. The goal of the experiment was to simulate the settlement of listed securities. Banque de France says it simulated CBDC issuance on a public blockchain network by "preserving control and confidentiality of transactions," with the help of smart contracts.

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