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The Central Bank of Switzerland successfully tested CBDC

The Central Bank of Switzerland successfully tested CBDC

The Swiss National Bank (SNB) has successfully tested the integration of CBDC with commercial and financial institutions. It is expected that CBDC development will combine the advantages of cryptocurrencies and fiat money, creating a new payment technology. 

Why is it so important?

  • The Central Bank Digital Currency (CBDC) is a direct competitor to cryptocurrencies. It has almost identical features as digital money, but it is not anonymous and is owned by the state.

According to the bank's press release, Credit Suisse, Citi, Goldman Sachs, UBS, and Hypothekarbank Lenzburg were among the institutions involved in the test. As part of the experiment, they integrated wholesale CBDC into their financial systems and processes, including interbank and cross-border transactions. 

“To continue fulfilling their mandates of ensuring monetary and financial stability, central banks need to stay on top of technological change. Project Helvetia is a prime example of how to achieve this. It allowed the SNB to deepen its understanding of how the safety of central bank money could be extended to tokenized asset markets,” said Andréa M. Maechler, Member of the Governing Board, Swiss National Bank.

 

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