The Bank for International Settlements has completed joint testing of CBDC cross-border transactions and settlements with the central banks of France, Singapore, and Switzerland

ChainCatcher news, according to CoinTelegraph, the Bank for International Settlements (BIS) has completed a joint test of cross-border transactions and settlements of CBDCs with the central banks of France, Singapore, and Switzerland. This test is part of the "Mariana Project" supported by the BIS, developed jointly by the Banque de France, the Monetary Authority of Singapore, and the Swiss National Bank. The project utilizes the concept of decentralized finance (DeFi) technology on public blockchains to test cross-border transactions and settlements of euro, Singapore dollar, and Swiss franc CBDCs simulated between financial institutions.

It is reported that this concept works by using a universal token standard on public blockchains, a bridge for seamless transmission of CBDCs across different networks, and a specific type of decentralized exchange for automating spot foreign exchange transactions and settlements.