The Swiss National Bank is preparing to launch a pilot project of MNBC on SIX Swiss Exchange, the company in charge of the national stock exchange. We take stock.
Swiss National Bank advances digital currency pilot project
The Swiss National Bank (SNB) is actively working on its central bank digital currency (MNBC). In this context, the SNB is about to launch a wholesale MNBC project, on SIX Swiss Exchangethe company that operates the National Stock Exchange.
Thus, it will be a full-scale test, as part of a pilot project in real conditionsas SNB Chairman Thomas Jordan said:
“It is not just an experiment, it will be real money equivalent to bank reserves and the aim is to test real transactions with market participants. »
As mentioned above, this pilot project concerns a wholesale MNBC, which falls under the Helvetia project of the Bank.
Capital qualified as “wholesale” are those used by states, companies and other institutions in the world of finance. For everyday payments, this is retail money, which is not currently part of the SNB’s plans, as Thomas Jordan clarified, without ruling out the possibility:
“We do not rule out never introducing [MNBC de] detail, but nevertheless, we are a bit cautious at the moment. »
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Switzerland’s work on CNBM
Like many central banks around the world, the SNB advances on its digital currency. Last April, for example, we returned to the Mariana project, which brings together the Bank for International Settlements (BIS), the Syngapour Monetary Authority, the Eurosystem with the Banque de France and the SNB. This project intends to explore the possibilities of integrating MNBCs with decentralized finance (DeFi).
On its website, the Swiss National Bank also discusses the Rio project, focused on the foreign exchange markets :
“The prototype developed by the Swiss center will make it possible to process rapid market movements and large volumes of data on the various trading venues in real time. This will provide central banks with an instrument to observe and analyze trading conditions. »
As for the trials in the pilot project with SIX, they will be conducted for a limited timeand should start “soon”, without a precise date having been revealed.
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Sources: Reuters, SNB
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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