A Swiss wholesale central bank digital currency (CBDC) is one step closer to fruition, as stakeholders have finished the test drive of its integration.
The Bank for International Settlements (BIS), the Swiss National Bank (SNB), stock exchange SIX, and five commercial banks — Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg, and UBS — took part in the test drive.
The wholesale CBDC will connect infrastructures of the country’s financial market, which enable users to instantly swap a digital cash token with another representing a different financial asset.
None of the parties involved have announced a timetable for the CBDC offering, with a number of countries already starting to develop their own respective digital currencies.
Swiss finance officials earlier voiced support for a digital currency, which could preserve the “best elements” of the financial system.