Swiss National Bank to Test Digital Currency on SIX Exchange – A Game-Changer in the Financial World?

By Lola Coin Jun 26, 202364Views

The Swiss National Bank (SNB) has announced plans to test a wholesale central bank digital currency (CBDC) on the SIX digital exchange. The chairman of the SNB stated that this pilot project is not just an experiment but aims to test real transactions with market participants. The pilot CBDC will be used for interbank, wholesale purposes and will not include a retail version. The chairman also mentioned that the possibility of introducing retail CBDCs in the future is not excluded, but caution is exercised at the moment. Central banks around the world are exploring the development of digital currencies in response to the decline in cash usage, with China leading the way. However, the enthusiasm for CBDCs in the United States is low, with Federal Reserve Governor Christopher Waller expressing skepticism about the need for a digital dollar. He believes that there is no compelling reason to develop an official digital currency at present.

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