BIS, France, Singapore, and Switzerland collaborate in Project Mariana, testing cross-border trading of wCBDCs.
The Bank for International Settlements and the central banks of France, Singapore, and Switzerland just recently announced the successful completion of a new CBDC initiative called Project Mariana.
This new collaboration between BIS Innovation Hub centers in Switzerland, Singapore, and the Eurosystem, together with Banque de France, Monetary Authority of Singapore, and Swiss National Bank, has successfullyDuring the process, discussions were held regarding crucial aspects, such as establishing a standardized technical token and creating bridges to facilitate seamless wCBDC transfers.
However, according to the reports, this is merely an experimental phase. BIS intends to investigate further the opportunities and obstacles tied to CBDC and its associated technologies in collaboration with its partners. While engaging with prominent banking counterparts, partner central banks must indicate their intention to issue wCBDC or endorse DeFi.
“Mariana is a novel experiment in several aspects. We have developed a practical solution to exchange multi-CBDCs in a global network interoperable with regional platforms on which the CBDC of each jurisdiction is issued. This could be a forerunner for the functioning of cross-border payments in the future.”
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