Central Banks Use Blockchain for First Time to Swap Currency
- Test shows cross-border, cross-currency payments can be done
- Accenture calls experiment ‘a big milestone’ for transactions
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The Bank of Canada and Monetary Authority of Singapore have sent each other digital currencies using blockchain technology, marking the first such successful trial between two central banks.
The pair have been collaborating on the use of distributed ledger technology and central bank digital currencies to make the cross-border payments process cheaper, faster and safer, they said in a joint statement. The BoC’s experimental domestic payment network, Project Jasper, was linked up with Singapore’s Project Ubin network as part of the test, done in partnership with Accenture and JPMorgan Chase & Co.