Currencies

Swiss National Bank to pilot wholesale digital currency with UBS, other banks

1 Mins read

ZURICH (Reuters) – The Swiss National Bank said on Thursday it will start a pilot project next month using central bank digital currency (CBDC) for financial institutions, with UBS and Zuercher Kantonal Bank among those signed up to take part.

The pilot, using a real Swiss franc wholesale CBDC, will also involve four other commercial Swiss banks – Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank (ETR:) and Hypothekarbank Lenzburg.

“With this pilot project, we are now, for the first time, making it possible to securely and efficiently settle transactions with tokenised assets on a regulated and productive DLT platform using real wholesale CBDC,” SNB Chairman Thomas Jordan said in a statement.

Tokenised assets are already being used in some areas of the regulated financial system, where they promise to deliver efficiency gains and greater transparency, the SNB said.

The pilot is due to start in December and will run until June 2024.

Read the full article here

Related posts
Currencies

Dollar bounces before inflation data, bitcoin hits two-year high By Reuters

3 Mins read
By Karen Brettell NEW YORK (Reuters) -The dollar jumped against the euro and yen on Wednesday as investors positioned for U.S. and…
Currencies

Japan issues fresh warning against excessive yen moves By Reuters

2 Mins read
By Leika Kihara SAO PAULO (Reuters) -Japan stands ready to take appropriate action against excessive exchange-rate moves, its top currency diplomat said…
Currencies

Japanese yen strengthens sharply as BOJ member calls for policy overhaul By Investing.com

1 Mins read
Investing.com– The strengthened sharply against the dollar on Thursday, crossing key levels after a Bank of Japan member called for an overhaul…
Get The Latest News

Subscribe to get the top fintech and
finance news and updates.

Leave a Reply

Your email address will not be published. Required fields are marked *