Swiss National Bank Initiates Wholesale CBDC Pilot Program: Latest Report

By Lola Coin Jun 28, 202361Views

The Swiss National Bank (SNB) is reportedly embarking on a pilot program for a new “wholesale” central bank digital currency (CBDC). SNB Chairman Thomas Jordan announced the plan during a financial conference in Zurich, stating that the pilot will begin on Switzerland’s SIX digital exchange. The purpose of the pilot is to test real transactions with market participants using CBDCs that are restricted to large transactions between financial institutions. However, Jordan expressed concerns about retail CBDCs, which are accessible to the general public. He worries about the potential impact on the financial system and remains cautious about introducing them. Andréa M. Maechler, a member of the SNB’s governing board, also emphasized the importance of cash in the Swiss financial system, stating that it needs to be maintained regardless of technological advancements.

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