HSBC and IBM have announced a successful test of an advanced token and digital wallet settlement involving two central bank digital currencies in a cloud system.
The pilot, supervised directly by the Central Banque de France, consists of CBDCs, eBonds, and Forex transactions. The project is part of a series of plans to roll out a digital euro.
The technology corporation-owned Hyperledger Fabric and R3’s Corda form the distributed ledger framework that supports the transactions.
The development follows a prior announcement by the French and Swiss central banks about a successful launch of the digital Swiss Franc and Euro test project.
The managing director of GFX eRisk, partnerships, and propositions at HSBC, Mark Williamson, says that the interoperability across distributed ledgers enhances efficiency and mitigates risks.
IBM’S Likhit Wagle welcomes the partnership saying that it provides a direction as the central banks in the global markets shift focus to CBDC potential.