France and Singapore pilot cross-border CBDC transactions
The central bank of both countries 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, 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 digital currency experiment was conducted with the help of JPMorgan's digital currency-focused division Onyx 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, stated the announcement.