France and Singapore pilot cross-border CBDC transactions
The central banks of France and Singapore are working on a digital currency interoperability system supporting multiple global CBDCs.
Financial authorities in France and Singapore are actively exploring the cross-border applications of central bank digital currencies (CBDCs).
In a joint announcement on Thursday, the Bank of France and the Monetary Authority of Singapore (MAS) said that they successfully completed a whole cross-border payment and settlement experiment using CBDCs and blockchain technology.
The CBDC experiment was conducted with support and expertise from JPMorgan’s digital currency-focused Onyx division on a permissioned, privacy-enabled blockchain based on the investment bank’s Quorum blockchain infrastructure.
As part of the experiment, the Bank of France and MAS simulated cross-border and cross-currency transactions for a Singapore dollar-based CBDC and the euro.
“While the experiment was limited to two central banks, the design of the m-CBDC [multiple CBDCs] network enabled it to be scaled up to support the participation of multiple central banks and commercial banks located in different jurisdictions,” the announcement reads.
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