The Monetary Authority of Singapore has teamed up with the Bank for International Settlements and central banks in France and Switzerland to test cross-border trading and settlement of wholesale central bank digital currencies between financial institutions.
The project made use of new decentralized finance technology concepts on a public blockchain, and relied on three elements: “As tokenisation and DeFi technologies are still nascent, further research and experimentation is needed. The BIS Innovation Hub and its global partners will continue exploring their benefits and challenges based on relevant use cases,” MAS and its partners said in a joint media release.
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