Digital Euro, Swiss Franc Trial Successful. Pound Soon?

• The central banks of Switzerland and France announced the success of their CBDC trial.
• However, the CBDC trial success does not necessarily translate to the immediate issuance of their digital currencies.
• Meanwhile, Ripple has joined the Digital Pound Foundation.

The central banks of Switzerland and France announced the success of their trial of a cross-border central bank digital currency (CBDC) between the euro and the Swiss franc. Named Project Jura, the trial is the first time that these tokenized fiat currencies saw full-scope testing.

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According to a report by Reuters, the trial exhibited the possibility of settling foreign exchange transactions in wholesale CBDCs. Also, this feat proves that central banks can issue, redeem, and transfer tokenized euro-denominated French commercial paper among multiple financial institutions. 

However, the central banks clarified that this successful trial does not necessarily translate to the immediate issuance of their respective digital currencies.

This successful trial is not the only CBDC development happening in the European continent, however. In fact, Ripple announced that it has joined the Digital Pound Foundation. This is a non-profit organization that aims to develop and implement a digital pound in the UK. 

Ripple’s Head of Policy Susan Friedman said,

“We are excited to support the design and implementation of a digital Pound in partnership with the Digital Pound Foundation. The Foundation will help advance the UK’s goal to build a more inclusive and sustainable financial system.”

Recently, Ripple also partnered with the Republic of Palau to develop its own CBDC.

Today, more than 80% of central banks in the world are exploring the feasibility of a CBDC. The most popular and most leading example is China, which has already conducted multiple trials.

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