BNS, BdF and BRI join forces for digital currencies

The experiment, dubbed the “Jura project”, will unite the three institutions with a temporary group of companies from the private sector, including Credit Suisse, SIX Digital and UBS.

The Swiss National Bank (SNB), the Bank of France and the Bank for International Settlements (BIS) will experiment with the use of central bank digital currencies (MNBC) in a cross-border project. Its financial outlines have not been revealed.

The experiment, called the “Jura project”, will unite the three institutions with a temporary group of companies (GME) from the private sector, including Credit Suisse, SIX Digital and UBS.

Concretely, it will be a question of analyzing the cross-border settlements made via two wholesale MNBCs, one in Swiss francs and the other in euros, details a press release published on Thursday, as well as “a French digital financial instrument, on a plate -form using distributed ledger technology (DLT) ”.

Wanting to stay at the forefront of technological progress, the SNB specifies, however, that this is only a “pure experiment, which does not indicate an intention of the Swiss National Bank or the Bank of France to issue an MNBC wholesale”.

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