Popular

French, Swiss central banks to experiment with CBDCs for cross-border payments

advertisement

France’s and Switzerland’s central banks, along with the Bank for International Settlements Innovation Hub, announced Thursday the commencement of wholesale central bank digital currency (CBDC) experimentation for international payments, according to a release.

“The Eurosystem is engaging in innovation and adapting its actions to the strong trend towards the digitalization of payments. The Banque de France is convinced of the potential benefits of wholesale central bank digital currency to provide maximum security and efficiency in financial transactions,” Deputy Governor of the Banque de France Sylvie Goulard said in the statement.

Specifically, the cross border payments will occur between France and Switzerland banks.  While the CBDC testing process commences, the statement also makes clear that the experiment does not suggest either the French or Swiss Central banks will publicly release a CBDC anytime soon.

This news comes months after France’s central bank, Banque de France, transacted with its own CBDC, and appears to be on time with its prior plans to conduct use case tests with its CBDC, which were supposed to occur this spring.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

SEC said to allow first bitcoin futures ETF to trade in US: report

The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]
Read Full Story
Oct 15, 2021, 2:54AM UTC
More