BIS and Central Banks Make History with CBDC Trial on DeFi Platforms: A Landmark Achievement

The Bank for International Settlements (BIS), in collaboration with the central banks of France, Singapore, and Switzerland, has concluded a groundbreaking cross-border trading experiment using central bank digital currencies (CBDCs) and decentralized finance (DeFi) technology. 

In this trial, named “Project Mariana,” simulated financial institutions utilized wholesale CBDCs (wCBDCs) for cross-border trading and settlement. The experiment involved hypothetical euro, Singapore dollar. And Swiss franc wCBDCs, employing a common technical token standard from a public blockchain to facilitate currency exchanges. Bridges were utilized for wCBDC transfers, and an automated market maker (AMM) executed trades. BIS highlighted that Project Mariana was purely experimental, emphasizing that it doesn’t imply immediate plans by the involved countries to issue wCBDCs or implement DeFi technology on a large scale.

Clever Robot News Desk 4^th October 2023