{"id":80048,"date":"2023-11-02T23:39:33","date_gmt":"2023-11-03T03:39:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/swiss-national-bank-launches-wholesale-cbdc-in-partnership-with-six-commercial-banks\/"},"modified":"2023-11-02T23:39:38","modified_gmt":"2023-11-03T03:39:38","slug":"swiss-national-bank-launches-wholesale-cbdc-in-partnership-with-six-commercial-banks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80048","title":{"rendered":"Swiss National Bank Launches Wholesale CBDC in Partnership With Six Commercial Banks"},"content":{"rendered":"<div>\n<figure id=\"attachment_126439\" aria-describedby=\"caption-attachment-126439\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-126439\" class=\"wp-caption-text\"><em>Source: AdobeStock<\/em><\/figcaption><\/figure>\n<p>The Swiss National Bank (SNB) is ramping up its efforts on the issuance of a wholesale central bank digital currency (wCBDC).<\/p>\n<p>According to a press release, the Swiss central bank is collaborating with six commercial banks and the SIX Digital Exchange (SDX) to fast-track the implementation of the CBDC in the European nation.<\/p>\n<p>Dubbed the Swiss Franc wCBDC, this digital currency is part of the Swiss government\u2019s growing efforts to launch a tokenized central bank money for use by all financial institutions within its territory.<\/p>\n<p>The participating commercial banks include Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank, Hypothekarbank, Lenzburg, UBS, and Z\u00fcrcher Kantonalbank.<\/p>\n<p>These commercial banks will utilize the infrastructure of the SDX and Swiss Interbank Clearing (SIC) platforms.<\/p>\n<p>The wholesale CBDC is part of its Helvetia Phase III, which is the Swiss\u2019 third pilot program.<\/p>\n<p>Providing more details on what this third installment will aim to achieve, the central bank stated that \u201cit aims to test, in a live environment, the settlement of primary and secondary market transactions using the wholesale CBDC.\u201d<\/p>\n<p>In addition, participating banks will be able to issue digital Swiss Franc bonds, enabling them to settle digital transactions on a delivery-versus-payment basis.<\/p>\n<p>Helvetia Phase III will be deployed in the settlement of repository (repo) transactions, which are deployed on the CO:RE trading platform of the SDX\u2019s SIX Repo.<\/p>\n<p>Providing a timeframe for the full deployment of its third tranche of the CBDC pilot program, the bank stated that it would run between December 2023 and June 2024.\n<\/p>\n<h2>Europe Kickstarts Preparation Phase for Digital Euro<\/h2>\n<p>\nSwitzerland is one of the many governments worldwide delving into the potential of tokenized fiat currencies operating on a distributed ledger technology (DLT) platform.<\/p>\n<p>One such is the European bloc, which recently announced the launch of its preparation phase in an attempt to create a digital Euro in the coming years.<\/p>\n<p>Making it official, European Central Bank (ECB) head Christine Lagarde stated in a tweet on X (formerly Twitter) that the digital Euro is a step towards the future.<\/p>\n<p>Given this, the digital Euro will be used as a payment option alongside cash in the European Union.<\/p>\n<p>Lagarde also stated that the groundwork will commence by November 2023 in order to execute the project on the stipulated roadmap.<\/p>\n<p>While there is growing confidence that a digital Euro will become the norm in the near future, Lagarde pointed out that the ECB Governing Council still needs to vote on whether the tokenized CBDC should be issued.<\/p>\n<p>\u200b\u200bhttps:\/\/twitter.com\/Lagarde\/status\/1714644733228646513<\/p>\n<p>On the other end of the Pacific, there is a clear picture that the US government is not keen on tokenizing the greenback.<\/p>\n<p>The Vice Chair for Supervision of the Federal Reserve (Fed), Michael Barr, affirmed this in a recent press statement, stating that the issuance of a CBDC is not currently under consideration.<\/p>\n<p>According to him, the decision of whether a CBDC should be issued ultimately lies within the purview of the US Congress.<\/p>\n<p>Barr, however, stated that the Federal Reserve is not entirely pushing out the idea as it is still in consultation with blockchain technology experts on the subject.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/swiss-national-bank-launches-wholesale-cbdc-in-partnership-with-six-commercial-banks.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock The Swiss National Bank (SNB) is ramping up its efforts on the issuance of a wholesale central bank digital currency (wCBDC). According to a press release, the Swiss central bank is collaborating with six commercial banks and the SIX Digital Exchange (SDX) to fast-track the implementation of the CBDC in the European nation. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":80049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-80048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Swiss National Bank Launches Wholesale CBDC in Partnership With Six Commercial Banks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock The Swiss National Bank (SNB) is ramping up its efforts on the issuance of a wholesale central bank digital currency (wCBDC). 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