Central Bank Forum to Test CBDC on Public Cryptocurrency Exchange
Date: 2023-06-29 Author: Karina Ziganova Categories: IN WORLD
The Bank for International Settlements preferred the decentralized exchange Curve to test the turnover of cross-border digital currencies of Central Banks
The decentralized exchange Curve version V2 will act as a testing platform for cross-border digital currencies of Central Banks (CBDC). This was stated in the report of the Mariana project by the Bank for International Remittances (BIS), which is responsible for the initiative.
The organization noted that Curve was preferred to be used exclusively as part of a CBDC experiment. The organization stressed that the choice "does not reflect any endorsement of the protocol or any of its products by any of the institutions involved."
The choice of Curve is due to the fact that the protocol allows you to maintain minimal slippage of quotes during CBDC conversion. The platform also allows you to configure individual profit parameters for buyers of the Central Bank's digital currency, the BIS noted.
As part of the Mariana project, the Bank for International Remittances is testing cross-border CBDCs with France, Switzerland and Singapore. However, this is far from the only initiative of the forum of central banks in this area.
As the editors of BeInCrypto understood earlier, BIS is testing similar initiatives with other countries. Read more about the BIS projects in the direction of cross-border digitalization of Central Banks in a special study of the editorial board.
The Bank of Russia also wants to use digital state currency in cross-border transfers. Back in September 2022, the head of the Central Bank of the Russian Federation, Elvira Nabiullina, said that the mega-regulator intends to promote the digital ruble for cross-border transactions. According to her, the Central Bank is already working on a prototype system for interfacing with other monetary systems. However, since then, details on the use of the digital ruble outside the Russian Federation remain unclear.
