The trade test was successfully carried out cross-border central bank wholesale digital currency exchange (wCBDC) by the Bank for International Settlements (BIS) and the central banks of France, Singapore and Switzerland. According to an official statement, Projeto Mariana used wCBDChypothetical s of euro, Singapore dollar and Swiss franc.
As per the announcement, the Project explores what the future of foreign exchange trading and settlement could look like in a world where central banks have issued CBDCs and financial market infrastructures include elements of decentralized finance (DeFi).
“Mariana’s proof of concept demonstrates the technical feasibility of so-called automated market makers (AMMs) for cross-border trading and settlement of hypothetical Swiss franc, euro and Singapore dollar wholesale CBDCs (wCBDCs).
It borrows ideas and concepts from DeFi and leverages a public blockchain to design and test a cross-border interbank FX market using wCBDCs,” stated.
The Mariana Project is a collaboration between the BIS Innovation Hub, the Bank of France, the Monetary Authority of Singapore and the Swiss National Bank.
“The project is purely experimental and does not indicate that any of the central banks involved intend to issue CBDC or endorse DeFi or a specific technological solution,” he highlighted.
