Crypto: The Swiss central bank is making progress on its CBDC

0


© Reuters.

Investing.com – After a first phase which focused on issuing a CBDC, the Swiss National Bank (SNB), has completed the second phase of the Helvetia project with its partners by integrating the CBDC into systems and processes existing back offices of five banks, namely Citi, Credit Suisse, Goldman Sachs (NYSE:), Hypothekarbank Lenzburg and UBS.

The Bank for International Settlements and Swiss financial infrastructure service provider SIX also joined the SNB’s partners in this phase, which took place during the fourth quarter of 2021.

A project to modernize the financial system

Envisioned as a multi-phase investigation into the settlement of tokenized assets in central bank money, Project Helvetia aims to prepare central banks for a future where tokenized financial assets based on decentralized systems (DLT) will be the norm.

The project focuses on resolving operational, legal and policy issues related to the regulations.

Deployment on a larger scale

The second phase of the Helvetia project explored the settlement of interbank, monetary policy and cross-border transactions on the test systems of SIX Digital Exchange (SDX), the Swiss real-time gross settlement system – SIX Interbank Clearing (SIC) – and central banking systems.

According to the SNB, the institution must implement the means necessary to remain at the forefront of technology. “To continue to fulfill their mandate of ensuring monetary and financial stability, central banks must remain at the forefront of technological developments.”

She also explained the importance of this project in this modernization effort. “The Helvetia project is a great example of how to achieve this. It has deepened the SNB’s understanding of how central bank money security can be extended to tokenized asset markets.”

Responsibility: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link -95