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Swiss Wholesale CBDC Imminent as Institutions Complete Test Drive

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CBDC (Central Bank Digital Currency) Abstract Cryptocurrency. With a dark background and a world map. Graphic concept for your design.

A Swiss wholesale central bank digital currency (CBDC) is one step closer to fruition, as stakeholders have finished the test drive of its integration.

Source: Coindesk

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.

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