The Swiss National Bank extends its wholesale CBDC pilot for two more years due to “very successful” progress.
The extension aims to attract more financial institutions and expand the use of wholesale CBDC in financial transactions.
SNB’s move positions Switzerland as a central bank digital currency innovation leader.
Antoine Martin, a member of the Swiss National Bank’s Board of Directors, delivered an important update regarding the CBDC pilot initiative.
Swiss National Bank Extends Successful CBDC Pilot for Two More Years!
The SNB has confirmed that it will extend its pilot issuance project of wholesale CBDC by at least two more years. The extension came after noting the very positive development the project had made since its launch in December of the previous year. Initial plans provided for the project’s end on June 30th this year; instead, it is being continued and expanded in its scope.
Martin explained that this extension will lure more financial institutions into joining the project. The SNB wants to repeat the pilot phase in an extension of wholesale CBDC use to more financial transactions, which will drive better functionality and interconnection with the financial system. It will continue testing digital currency’s feasibility, security, and efficiency in wholesale banking—including interbank transactions and major financial operations.