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BIS and Central Banks of France, Singapore and Switzerland Successfully Test Cross-Border CBDC

The Bank for International Settlements (BIS) and central banks of France, Singapore, and Switzerland have jointly announced a successful test of cross-border trading and settlement for wholesale central bank digital currencies (wCBDCs). This test incorporated innovative decentralized finance (DeFi) technology concepts and was executed on a public blockchain. This project aimed to explore next-generation financial market infrastructures designed to streamline cross-border trading and settlement processes among financial institutions. It leverages a common token standard on a public blockchain, enabling seamless exchange and interoperability.

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