The Swiss National Bank (SNB) is launching a wholesale central bank digital currency (wCBDC) pilot project. The project will be tested on the digital platform of the Swiss exchange SIX for a limited period.
Swiss National Bank Governor Thomas Jordan said at the Point Zero conference in Zurich that the bank is preparing to launch a time-limited wholesale CBDC trial soon, according to information from Reuters.
SNB's partner in the pilot project will be the Swiss digital exchange SIX. The project will take place for a limited time. Jordan also noted that the digital franc will be equivalent to bank reserves and that the aim of the project is to study real-world transactions between different market participants.
Previously, the Swiss National Bank tested wholesale CBDC for interbank payments with the participation of 5 main representatives of TradeFi. However, Swiss authorities still need to speak up for a comprehensive state digital currency issue. According to Thomas Jordan, the SNB is especially cautious about the retail version of CBDC because the potential risks outweigh the benefits.
According to Ms. Andrea Mechler, a member of the board of directors of the SNB, the issuance of retail CBDCs in the country could lead to a loss of cash, while this is not what banks and authorities are concerned about. towards. Therefore, the SNB is not yet considering its introduction.
The Swiss Banking Association (SBA) is known to be considering deposit tokens as a means of payment, emphasizing the safer and more efficient use of deposit tokens compared to other digital assets. other digital. At the same time, he said that this could boost the country's digital economy.
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