The Swiss Nationwide Financial institution (SNB) considers increasing its pilot challenge involving wholesale central financial institution digital currencies (CBDCs). The financial institution’s officers expressed curiosity in creating the pilot additional by together with extra banks and rising the quantity of transactions.
In June 2024, the SNB introduced it might proceed offering a wholesale central financial institution digital foreign money (CBDC) for at the very least two extra years, extending a pilot known as Mission Helvetia III, which started in 2023. Six banks, together with UBS and Commerzbank, are at present taking part within the challenge, which has facilitated six digital bond issuances totalling 750 million Swiss francs (USD 830.38 million).
Earlier developments of Mission Helvetia
In January 2022, The Swiss Nationwide Financial institution (SNB), BIS, and SIX efficiently tested the integration of wholesale CBDC settlement with business banks, overlaying a spread of transactions in Swiss francs. This second section of Mission Helvetia, involving Citi, Credit score Suisse, Goldman Sachs, Hypothekarbank Lenzburg, and UBS, demonstrates the operational feasibility of integrating a wholesale CBDC into present banking programs utilizing distributed ledger know-how.
The challenge goals to arrange for a future the place extra monetary belongings are tokenized and emphasizes the necessity for central financial institution cash settlement in systemically necessary infrastructures.
