#SwissNationalBank to launch wholesale #CBDC pilot

At a conference in Zurich on Monday, the president of the #SNB announced that the bank plans to issue a wholesale central bank digital currency (CBDC) on Switzerland's SIX digital exchange as part of a pilot project.

A wholesale CBDC is designed for financial institutions to use for #interbank transactions. A retail CBDC, on the other hand, is for use by the general public.

#crypto2023

🇨🇭A "real money equivalent," says #SNB chairman.

"This is not just an experiment, it will be real money equivalent to bank reserves and the aim is to test real transactions with market participants," the bank's chairman, Thomas Jordan, told Reuters at the Point Zero Forum.

However, the financial authority did not rule out expanding the project at some point in the future. "We don't exclude that we will ever introduce [CBDC] retail, but, nevertheless, we are a bit cautious at this point," he said.

#SwissNationalBank #crypto2023 #CBDC

🌐 The Bank for International Settlements (BIS), Swiss National Bank (SNB), and International Monetary Fund (IMF) are collaborating on tokenizing emerging market economic development funds, with an estimated total value of $115 billion. 🏦💱 #BIS #SNB #IMF #Tokenization #EconomicDevelopment