法兰西银行报告：使用批发央行数字货币进行跨境结算

PROJECT JURA Cross-border settlementusingwholesale CBDC BANQRANCE OBISH nnovation SCHWEIZERISCHENATIONALBANKBANQUENATIONALESUISSE BANCANAZIDNALESVIZZERA BANCANAZIUNALASVIIRA BUROSYSTEMESWISSNATIDNALBANK accentureCREDITSUISSE NATIXISr3.SDA*UBS Publicafiondale:December2021 @BanquedeFrance,BankforInternationalSettlementsandSwissNationalBank2021 Allrightsreserved.Briefexcerptsmoybereprcducedortranslotedprovidedthesource isstated. I5BN978-92-9259-525-8(online), FOREWORD ProjectJurowasconductedbytheBanquedeFronce,theBISInnovationHubandtheSwissNctionalBankincollaborafionwithagroupofprivatesectorfirmsbasedonanopencallforapplications.ItispartofaseriesofwholesaleCBDCexperimentsinitiatedbytheBanquedeFrancein2020andcontinuestheexperimentationconductedbytheSwissNationalBankandtheBISInnovationHubunderProjectHelvetia. "WiththegreatsuccessofJura,thewholesaleCBDCCexperiment programmelaunchedbytheBanquedeFrancein22020isnowcompleted,JurademonstrateshowwholesaleCBDCcanoptimise cross-eurrencyandcross-bordersettlements,whichareakeyfacetofinternationaltransactions." SylvieGoulard,DeputyGovernor,BanquedeFronce "ProjectJuraconfirmsthatawelldesignedwholesaleCBDCcanplay acriticalroleasasafeandneutralsettlementassetforinternationalfinancialtransactions,ltalsodemonstrateshowcentralbanksandtheprivatesectorcanworktogetheracrossborderstofosterinnovation," BenoitCoeure,Head,BISInnovationHub "Asasmallopeneconomy,Switzerlandrequiresefficientandrobust cross-borderpaymentandsettlementarrangements,ProjectJuraexploreshewdistributedledgertechnologycanbesuccessfullyleveragedto mapouthowfuture-proofcross-bordersettlementbetweenfinancialinstitutionscouldlooklike." AndreaMMaechler,MemberoftheGoverningBocrd,SwissNafionolBank REMARKSFROMTHEPRIVATESECTORCONSORTIUM Accenfure,CreditSuisse,Natixis,R3,SDXandUBSwithsupportfromHeuking,LinklatersandOCTOTechnologyareproudtohaveparicipatedinProjectJuratogetherwith theBanquedeFrance,BISInnovationHubandtheSwissNationalBank.ProjectJuraadvoncesfurtherthefrontierofknowledgeoboutDLT-enobledwholesaleCBDC(wCBDC) andisexpectedfomakeasignificantcontributiontowardsloyingthefoundafionsfor possiblewCBDCodopfion. wCBDCiscboutdiversificofioninpoymentsandtheemergenceofanaliernativecentralbankmediumofexchangethatmayoffernewfunctionalitiescndutilifies. ltpromolessaleandelficientsefflementofdomesticandinlernationalfinancialtransgclions OurconsorliumrecognisestheopportunitiesbroughtbywCBDCtomeetactuolandfuturepaymenlondseltlementneedsandfocilitaletheemergenceofmoredirectinlernational financialrelations.TheforeignexchangemrketinparticularcouldbeokeybeneficiarybymigratingfowerdsoutrightexchangesinwCBDCwheretracleexecufion,paymentandsetlementmaybecomeasinglefransaction,whilemitigatingrisksandincreasingefficiency.Thiscouldhelptoreducethefrogmentationofliquidityincorrespondent bankinggloballyandtopromofetheinternafionoluseofcentrolbankmoney. TheuseofwCBDCsinthecontextofsecuritiestransactionscouldalsoenhancethe centralbcnkmoneytonewfinancialmarketinfrastructures,freeingupbankcapital. Thegroupgreotlyvaluescontinuedpublic-privatepartnershipsinworkingfowardsdevelopingsolutionsandimprovingtheglobalfinanciolecosystem. ProjectJuroadvancestheprivafesector'scommitmentfowardstheuseofCBDCfopaymentsandsetlements.ItbuildsonprojectssuchasHelvefiawiththeSwissNational BankandtheBISInnovationHub,EkrongwiththeRiksbank,Khokha2withtheSouth AfricanReserveBank,JasperwiththeBankofCanadaandUbinwiththeMonetaryAuthorityofSingapore. accentureCREDITSUSeAr3.*UBS IHEUKINGKUHNLGERWOJTEKLinklaters OCTO EXECUTIVESUMMARY Theglobalfinancialsystemneedsbefterandmorediversepaymentandseflementarrangementsfomeetcurrentandfuturedemands.Existingarrangementsareoftenslow,expensive,potentiallyriskyandcomplexastheyinvolvenumerousintermediariesandfinancialmarketinfrostruclures.Anewgeneralionofinfrasirucfures,basedondistributecledgertechnology(DLT),isemergingandseverolcenfralbanksareexploringusecoses forwholesolecentralbankdigitalcurrency(wCBDC)withcviewtopotenfillysupporfingasofefokenisedfingncialecosystem,Thesenoveltechnology-drivenopproachesmoyoffergreaterchoiceandcompefitioninftermsofcross-borderpaymentsandseftlemenis,alsobybroadeningaccesstocentralbankmoneyforregulatedfinancialinstitutions. ProjectJuraexploredthedirectfransferofeuroandSwissfrancwCBDCsbetween FrenchondSwisscommerciolbonksonasingleDITplafformoperatedbyαthird porty.Tokenisedassetandforeignexchangetrodesweresefledsafelyandefficiently usingpoymentversuspayment(PvP)anddeliveryversuspayment(DvP)mechanisms, Theexperimentwasconductedinanear-realsefting,usedreal-voluefransactionsandmetcurrentregulatoryrequirements. IssuingwCBDConathird-portyplafformondgivingnon-residentfinancialinstitufions directaccesstocentralbankmoneyroisesintricatepolicyissues.Juraexploresonew syupqpuaaaBApiyBuuBsAunounppusoauqnsBupnpulpooiddo comforttoissuewCBDConathird-partyplafformcndfoprovidenon-residentfinancialinslitutionswithaccesstowCBDC. TheprojectcomplementstheongoingG20workoncross-borderpoyments.Specifically,itcontributestothebuildingblo