Singapore, France complete cross-border payment experiment using digital currency
The Monetary Authority of Singapore (MAS) and the Bank of France (BdF) on July 8 announced the successful completion of a wholesale cross-border payment and settlement experiment using central bank digital currency (CBDC).
Singapore (VNA) – The Monetary Authority of Singapore (MAS) and the Bank of France(BdF) on July 8 announced the successful completion of a wholesale cross-borderpayment and settlement experiment using central bank digital currency (CBDC).
Theexperiment, supported by J.P. Morgan’s Onyx, simulated cross-bordertransactions involving multiple CBDCs (m-CBDC) on a common network betweenSingapore and France, according to the joint media release.
Thisis the first m-CBDC experiment that applied automated market making andliquidity management capabilities to reap cross-border payment and settlementefficiencies.
It simulated cross-border and cross-currency transactions for SingaporeDollar (SGD) CBDC and Euro (EUR) CBDC, and was conducted using a permissioned,privacy-enabled blockchain based on Quorum technology.
Whilethe experiment was limited to two central banks, the design of the m-CBDCnetwork enables it to be scaled up to support the participation of multiplecentral banks and commercial banks located in different jurisdictions. Thisoffers great potential to simplify integration and significantly improve costefficiencies./.
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