"BIS and the central banks of France

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he Bank for International Settlements (BIS) Innovation Center, which brings together central banks from 63 countries, including Canada, China, India, Russia, and the United States, announced the successful implementation of cross-border settlements in central bank digital currencies (CBDC). The Mariana project was developed jointly by three BIS centers - the Swiss, Singaporean, and Eurosystem centers together with the Bank of France, the Monetary Authority of Singapore, and the Swiss National Bank.

, Singapore and Switzerland cameroon whatsapp resource have successfully completed the Mariana project. The project tested cross-border trading and settlement of wholesale central bank digital currencies (wCBDC) between financial institutions using new concepts of decentralized finance (DeFi) technology on a public blockchain. Successful transactions and settlements were carried out in hypothetical digital euros, Singapore dollars and Swiss francs. The DeFi elements tested in the project, in particular automated market makers, could form the basis of a new generation of financial market infrastructures," BIS said.

According to the BIS, the technologies used in the settlement relied on three elements: a common token technical standard provided by a public blockchain to facilitate exchange and interoperability between different currencies, bridges to seamlessly transfer wCBDC between different networks, and an automated market maker (AMM), which is a special type of decentralized exchange for automated trading and settlement of spot currency trades.

"For the Mariana project, AMM combined the liquidity of hypothetical euros, Singapore dollars and Swiss francs into a wCBDC using innovative algorithms that allow spot FX transactions to be automatically priced and executed, and settled immediately. These protocols could be used by the next generation of financial market infrastructures that facilitate cross-border trading and settlement between financial institutions," the BIS report states.

The Innovation Center also noted that the Mariana project architecture balances the domestic need for central banks to exercise oversight and autonomy with the interest of financial institutions in the efficient storage, transfer and settlement of wCBDCs across borders. “This is achieved through the use of a common token standard on a public blockchain that facilitates interoperability and seamless exchange of wCBDCs between different local payment and settlement systems supported by participating central banks. Mariana thus offers possible approaches to incorporating the international dimension into ongoing wCBDC design research,” the BIS emphasizes.

At the same time, the Innovation Center notes that since tokenization and DeFi technologies are still in their infancy, further research and experimentation is needed. "The BIS Innovation Center and its global partners will continue to study their benefits and challenges based on relevant use cases. The Mariana project is purely experimental and does not indicate that any of the partner central banks intend to issue a wCBDC or support DeFi or a specific technology solution. This is the first cross-center project of the Innovation Center," the statement emphasizes.