Bitcoin News and Finance

Swiss Central Bank to Launch Wholesale CBDC Soon Says Chairman Thomas Jordan

The Swiss National Bank (SNB) said it plans to issue a wholesale central bank digital currency as a pilot via SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. SNB chairman Thomas Jordan said while the Central Bank has not ruled out launching retail CBDCs, the bank is being “a little bit prudent at the moment.”

‘This Is Not Just an Experiment’

The Swiss central bank said on June 26 it intends to issue wholesale central bank digital currency on SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. According to Thomas Jordan, the chairman of the Swiss National Bank (SNB), the pilot CBDC project is expected to commence soon and will run for a limited period.

However, the SNB chairman who spoke at the Point Zero Forum, revealed that the experiment would involve the use of a real money equivalent.

“This is not just an experiment, it will be real money equivalent to bank reserves and the objective is to test real transactions with market participants,” Jordan reportedly said.

Central Bank Not Keen on Launching Retail CBDC

By taking this step, the Swiss central bank joins its peers in countries which have either launched their respective CBDCs or are still in the trial or study phase. Their objective, according to a Reuters report, is to avoid ceding control of digital payments to the private sector.

Meanwhile, during his address at the forum, the SNB chairman attempted to explain why the central bank is currently unwilling to launch a retail CBDC. He said:

“We do not exclude that we will never introduce retail [CBDCs] but nevertheless we are a little bit prudent at the moment.”

What are your thoughts on this story? Let us know what you think in the comments section below.

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