BIS Used Ethereum Testnet And Curve Finance’s Code In CBDC Pilot

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A developer has revealed that the Bank of International Settlements (BIS) reportedly used the Ethereum Sepolia testnet and Curve Finance’s smart contracts as the base for Project Mariana, its CBDC pilot.

This comes after BIS chief Agustin Carstens stated that countries must set up legal frameworks for CBDCs.

Project Mariana Used Ethereum Testnet And Curve Finance Code

Project Mariana’s goal was to explore the application of Central Bank Digital Currencies (CBDCs) to enhance the efficiency and security of cross-border payments. The Bank of France confirmed the project’s successful conclusion.

“The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland have successfully concluded Project Mariana. The project tested the cross-border trading and settlement of wholesale central bank digital currencies (wCBDCs) between financial institutions, using new decentralized finance (DeFi) technology concepts on a public blockchain.”

With the project ending, a developer has revealed that the Bank of International Settlements used Ethereum’s Sepolia testnet and Curve Finance’s smart contracts as the project’s base. Both were used to test the efficacy of the cross-border forex automated market maker pilot.

“Bank of International Settlements uses public @ethereum Sepolia testnet blockchain and @CurveFinance smart contracts for their cross-border FX AMM pilot. Although BIS goes to great lengths to avoid mentioning Curve by name, based on function signatures, BIS is using the @vyperlang source code for their pilot.”

The successful conclusion came after the general manager for the Bank of International Settlements (BIS), Agustin Carstens, stated that countries must set up legal frameworks to facilitate the deployment of CBDCs. A paper by the International Monetary Fund (IMF) stated that around 80% of banks are not allowed to issue a CBDC under current laws or don’t have clear legal frameworks on the matter.

“This needs to be rectified. The public rightly demands forms of money that meet their needs and expectations. It is simply unacceptable that unclear or outd

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Author: Amara Khatri

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