The Bank for International Settlements (BIS) and the The Swiss National Bank is investigating the benefits of implementing a digital central bank currency (CBDC) using blockchain technology.
According to an announcement on December 3, the BIS Innovation Hub Swiss Center (BISIH) two proofs of concept successfully completed connect the existing payment systems to a distributed ledger and Liquidate tokenized assets with a CBDC wholesaler.
Known as “Helvetia Project”The new initiative is a joint venture between BISIH, the SNB and the most important Swiss stock exchange. Six group.
The exchange explained that The Helvetia project investigated the technological and legal feasibility of transferring digital assets by issuing a CBDC in wholesale on Six ‘proprietary platform for distributed digital assets, Six Digital Exchange. The new platform is expected to be launched in the near future and will provide the issuing, trading, settlement, management and custody of tokenized assets.
The experiment should not be construed as an indication that the Swiss central bank will issue a wholesale CBDCFinancial institutions advised.
Andréa Maechler, Member of the SNB Board of Directors, emphasized that the Swiss Central Bank did not want to miss the opportunities to improve the financial system with new technologies:
“Regardless of the technologies that the financial markets will use next, the security and reliability of the Swiss financial infrastructure must be preserved. Yes [la tecnología DLT] if securities trading and settlement can offer significant improvements, then the SNB is ready. “
While the Helvetia project seems to show that DLT technology has the potential to be a useful tool for the future of the financial system and CBDCsThere is still no clear consensus on whether the technology is required for the introduction of a CBDC. In September 2020, the managers of the SNB and the Deutsche Bundesbank seemed to be in agreement Global CBDC retail projects do not require blockchain.