The Swiss National Bank (SNB) has announced its plans to introduce a Central Bank Digital Currency (CBDC) for wholesale payments on the SIX Digital Exchange in Switzerland. This move puts Switzerland in line with other countries like China, India, and Australia that are also advancing their CBDC technology. SNB Chairman Thomas Jordan emphasized that this initiative is more than just a trial and aims to create a real monetary equivalent to bank reserves for conducting genuine transactions among market participants. The CBDC will be used within the financial sector and adds Switzerland to the list of 18 countries currently running CBDC pilot programs. Wholesale CBDCs are designed to facilitate large-scale transactions between financial institutions. While retail-facing CBDCs are not a priority for the SNB at this time, they have not ruled out the possibility in the future. The pilot program for the wholesale CBDC is expected to be launched soon and run for a specified duration.
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