HSBC and IBM publicized a successful test of an advanced token and digital wallet settlement between two central bank digital currencies in a cloud environment.
The experiment contained transactions between CBDCs, eBonds, and forex. IBM’s Hyperledger Fabric and enterprise technology provider R3’s Corda functioned as the basis of the distributed ledger facilitating the transactions.
The project was supervised by central bank Banque de France as part of a series of tranche projects to implement a digital Euro.
The French and Swiss central banks reported positive results on a pilot run of the digital Swiss Franc and Euro. Yet, the two financial institutions issued caution on the subject, citing regulatory concerns.
CBDCs are gaining traction in part due to their utility as a means to combat the rises of stablecoins, which, to some, represent a threat to the financial system. This month alone, Australian Reserve Bank’s Project Atom CBDC research uncovered numerous benefits. Around the same time, Kazakhstan’s central bank reported positive results on its CBDC pilot project.
