Swiss National Bank Plans Pilot of Wholesale Central Bank Digital Currency on SIX Exchange
The Swiss National Bank (SNB) has announced its intention to launch a wholesale central bank digital currency (CBDC) on Switzerland’s SIX digital exchange as part of an upcoming pilot program. Chairman Thomas Jordan made the announcement during a conference in Zurich, emphasizing that this initiative is not merely an experiment, but rather a real-world implementation of digital money equivalent to bank reserves. The primary objective of the pilot is to test actual transactions with market participants, Jordan stated at the Point Zero Forum.
The pilot project, set to commence in the near future, is expected to have a limited duration. Central banks worldwide are actively exploring digital versions of their currencies to prevent the exclusive control of digital payments by the private sector, especially as the use of cash has declined in some instances due to the COVID-19 pandemic.