The Swiss National Bank (SNB) has decided to extend its pilot program for issuing a wholesale central bank digital currency (CBDC) until at least 2026, according to a report by Bloomberg citing SNB governing board member Antoine Martin.
Initially set to conclude on June 30, the extended pilot aims to involve more financial institutions over time, Martin noted. He emphasized that the wholesale CBDC could potentially support a broader range of financial transactions. Currently, the pilot includes six commercial banks such as UBS Group AG and Commerzbank AG, collaborating with Swiss stock exchange provider SIX.
“The future success of the pilot project will largely hinge on the participation of new financial market participants, increased transaction volumes, and the expansion of financial market operations on this platform,” Martin remarked.
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