BIS Experiment Finds CBDCs to Be Effective in Cross-Border Settlements

BIS Experiment Finds CBDCs to Be Effective in Cross-Border Settlements
Central bank digital currencies (CBDC) can be effective in carrying out international transactions between financial institutions according to a recently concluded experiment by the Bank for International Settlements (BIS), an umbrella group for central banks.A report published Wednesday said the “Project Jura’’ experiment took place over three days in November, and was conducted by the central banks of France and Switzerland alongside the BIS Innovation Hub. Project Jura was announced in June and is part of a series of CBDC experiments launched by the Bank of France in 2020.The test examined the effectiveness of wholesale CBDCs – a type of…