The International Association overseeing central banks has successfully concluded testing cross-border trade with Central Bank Digital Currencies (CBDC) and Decentralized Finance (DeFi) technology.

In collaboration with the central banks of France, Singapore, and Switzerland, the Bank for International Settlements (BIS) conducted an experiment to assess the efficiency of cross-border trade and settlements using wholesale CBDC, not available to the general public for everyday transactions, labeled as wCBDC.

The trial product, named “Project Mariana,” includes wCBDC in Euro, Singapore Dollar, and Swiss Franc, along with a standardized technical token provided by a public blockchain to facilitate exchange between these currencies.

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