The Bank for International Settlements (BIS) has successfully tested cross-border transactions using DeFi technology and central bank digital currencies (CBDC) from three countries.
The BIS and the central banks of France, Singapore, and Switzerland have completed a joint test of cross-border trading and settlement using wholesale CBDCs. The tests were conducted under Project Mariana, and a report on their completion was published by the Banque de France press office.
According to the data presented, the Bank of France, the Monetary Authority of Singapore, and the Swiss National Bank modeled cross-border trade transactions using the digital euro, Singapore dollar, and Swiss franc as means of settlement. Testing was carried out with DeFi technologies.
As a result, the operability of the project was proved. The key technical features of the project were:
- using a common token standard;
- conducting transactions on public blockchain networks;
- transmitting CBDCs between different networks using cross-chain protocols;
- carrying out automated trading and settlement of spot currency transactions using a special type of decentralized exchange.
Ultimately, Project Mariana was deemed a success, but with the note that “further research and experimentation is needed.” The report also emphasizes the purely experimental nature of the project.
The BIS is actively experimenting with CBDCs, considering various options for using them. In 2023, Project Icebreaker was successfully completed, which explored the use of CBDCs for cross-border payments between Israel, Norway, and Sweden. Project Polaris was subsequently launched, examining different ways to use CBDCs for offline payments.
