{"id":28173,"date":"2023-06-27T11:36:52","date_gmt":"2023-06-27T15:36:52","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/swiss-central-bank-to-launch-real-world-cbdc-pilot\/"},"modified":"2023-06-27T11:36:54","modified_gmt":"2023-06-27T15:36:54","slug":"swiss-central-bank-to-launch-real-world-cbdc-pilot","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28173","title":{"rendered":"Swiss Central Bank to Launch Real-World CBDC Pilot"},"content":{"rendered":"
\n

The chairman of Swiss Central Bank,Thomas Jordan, has announced that the central bank is launching a wholesale CBDC on Switzerland’s SIX digital exchange as part of a pilot.\u00a0<\/p>\n

In a conference at Zurich on Monday, the Swiss central bank chair said that the project would begin soon, Reuters reported.\u00a0<\/p>\n

The wholesale CBDC pilot will run on the Swiss SIX digital exchange for a limited time, the bank chair said.\u00a0<\/p>\n

Swiss Central Bank Remains Cautious of Retail CBDC<\/h2>\n

The Swiss Central Bank has continued to remain skeptical of the idea of a retail central bank-backed digital currency. Swiss bank chair Jordan expressed his concern about potential risks retail CBDCs could have for the financial system.\u00a0<\/p>\n

He added that the use of retail CBDCs was more difficult to control.\u00a0<\/p>\n

\n

“We do not exclude that we will never introduce retail [CBDCs] but nevertheless we are a little bit prudent at the moment.”<\/p>\n<\/blockquote>\n

Speaking on a separate panel at the Zero Point Forum,the central bank’s governor Andrea Maechler said that despite exploring CBDCs, the SNB does not see cash disappearing in Switzerland.\u00a0<\/p>\n

Andrea said that it is the one way that retail households can hold central bank money. “That feature needs to be maintained irrespective of the technology,” she added.\u00a0<\/p>\n

Several Central Banks Crossing The Finishing Line on CBDC<\/h2>\n

Earlier this month, the Managing Director of International Monetary Fund (IMF) Kristalina Georgieva said that at least 10 central banks are \u201calready crossing the finish line\u201d on issuing a central bank digital currency.\u00a0<\/p>\n

However, there is \u201ca lot that is still not decided\u201d when it comes to organizing and regulating CBDCs, she added.\u00a0<\/p>\n

The IMF also revealed earlier that it is working on a worldwide infrastructure for CBDCs in order to allow for interoperability of the digital currencies and increase their utilization.<\/p>\n

Currently, over 100 central banks around the world are exploring their own CBDC.<\/p>\n

All countries in the G7 economies have now shifted from the research phase of a CBDC to the development stage, signaling concrete pilot projects.\u00a0 \u00a0<\/strong>
\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The chairman of Swiss Central Bank,Thomas Jordan, has announced that the central bank is launching a wholesale CBDC on Switzerland’s SIX digital exchange as part of a pilot.\u00a0 In a conference at Zurich on Monday, the Swiss central bank chair said that the project would begin soon, Reuters reported.\u00a0 The wholesale CBDC pilot will run […]<\/p>\n","protected":false},"author":1,"featured_media":28174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-28173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nSwiss Central Bank to Launch Real-World CBDC Pilot | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The chairman of Swiss Central Bank,Thomas Jordan, has announced that the central bank is launching a wholesale CBDC on Switzerland's SIX digital exchange\" \/>\n<meta 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