released Thursday. The project tested the cross-border trading and settlement of CBDCs between financial institutions, using innovations derived from DeFi.
"DeFi elements tested in the project, specifically automated market makers, could form the basis for a new generation of financial market infrastructures," the BIS Innovation Hub stated.The report described how it"borrowed ideas and concepts from decentralised finance." It added that studies were carried out to discern whether automated market makers could simplify foreign exchange trading and settlement.
The project tested whether automated market makers could enhance market efficiency and reduce settlement risk. This involved the cross-border trading and settlement of hypothetical wholesaleversions of the Swiss franc, euro, and Singapore dollar. These trades were simulated between the central banks of France, Singapore and Switzerland, using an automated market maker.
"The project successfully demonstrated that it is feasible to exchange wholesale CBDC across borders using novel concepts such as automated market makers," the report said. It added that"DeFi technologies are still nascent and further research and experimentation is needed."said it plans to continue exploring the benefits and challenges of DeFi, based on relevant use cases.
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