Central Banks of France and Switzerland will test state digital currencies – Bits Media

The Bank of France and the National Bank of Switzerland announced the launch of the Project Jura experimental project to test state digital currencies for international payments.

The Central Bank of Switzerland said, that will also cooperate on this issue with Center for Innovation of the Bank of International Settlements (TO) and consortium, headed by the Accenture Consulting Company.

The consortium includes Credit Suisse banks, UBS и Natixis, as well as R3 and Six Digital Exchange. As part of the Project Jura initiative, They will conduct international calculations with digital euro and digital currency of the Swiss Central Bank using a special platform, using the distributed registry technology (DLT).

Banks will make transactions for the exchange of digital currency of the Bank of France for wholesale digital euros based on the method "Supply against payment" (PAD). Then digital euros will exchange for wholesale digital Swiss franc using a similar method. Such calculations will also be made between banks, located in France and Switzerland.

Recall, that in May last year, the Central Bank of France and the Societe Generale bank have already tested digital euros, To identify its potential risks and advantages for institutional investors.

Earlier, the Switzerland government stated, that the digital Swiss franc carries more risks, than advantages. However, given, that other central banks are actively studying the possibilities of introducing their own digital currencies, The Bank of Switzerland is also ready to conduct additional experiments with state cryptocurrencies.