In terms of the program Jura, national banks of France and Switzerland, together with the BIS Innovation Hub implemented a test for wCBDC (wholesale central bank digital currency).
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The experiment was a part of the Banque of France series of CBDC tests, which started in March 2020. It leveraged a third-party distributed ledger technology (DLT) platform to manage processes. That was the first time when digitized EUR and CHF were entirely tested. As an afterward release revealed, the trial ended successfully.
The outcome showed that settlement of multinational transactions in EUR and CHF can be performed. In addition, the experiment indicated that releasing, redeeming, and transferring tokenized euro-dubbed French commercial paper across finance entities.
wCBDC can bring diversification in payments, being an alternative means of exchange. The Jura initiative is centered on wholesale activities between banks. A group of private-sector establishments also participated in the experiment.
Experiment parties mentioned that the project was experimental and it must not be supposed that the countries intended to issue wCBDC.
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CBs are actively exploring digital national currencies, moving to more advanced phases. China started the second phase of the digital yuan testing.