IBM and HSBC develop successful multi-ledger CBDC demo

IBM and HSBC, on Thursday, declared the successful test of an up-to-date token and digital wallet settlement between 2 CBDCs (central bank digital currencies) in a cloud environment. The experiment included transactions between eBonds, CBDCs and forex. Hyperledger Fabric and enterprise technology provider of IBM, R3’s Corda acted as the base of the distributed ledger supporting the transactions.

The project was administered by central bank Banque de France as part of a series of tranche projects to implement a digital Euro. Earlier the Swiss and French central banks reported positive outcomes on a pilot run of the digital Euro and Swiss Franc. However,

the 2 financial institutions warned on the matter, stating regulatory concerns.

CBDCs are gaining traction across the world in part because of their utility as a method to fight the increase of stablecoins, which to some, pose a threat to the financial industry. Australian Reserve Bank’s Project Atom CBDC research several benefits. Concurrently, Kazakhstan’s central bank reported positive outcomes on its CBDC pilot project. Russia is prioritizing the creation of a digital Ruble. Meanwhile, the Eastern Caribbean CBDC expanded to 2 other nations.

Author: Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

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