SNB Announces Plans To Launch Wholesale CBDC Pilot

Bitcoinist
Bitcoinist

27 Jun 2023 10:00 PM

Switzerland looks set to join the list of nations conducting a CBDC pilot as Swiss National Bank (SNB) plans to begin its wholesale CBDC pilot soon....

  • Switzerland is set to begin a wholesale CBDC pilot in conjunction with SIX digital exchange.
  • The Swiss CBDC will be considered real money upon launch and is designed for interbank settlement and financial transactions between institutions.
  • The SNB expressed reservations about retail CBDCs, which are designed for general public use, and plans to retain cash use.
  • 120 countries worldwide have shown interest in CBDCs, with 11 nations completing successful launches, while 18 others are currently in the pilot stage.

The article presents a positive sentiment towards Switzerland's decision to conduct a wholesale CBDC pilot and highlights the growing interest in CBDCs worldwide. However, it also acknowledges the reservations of the SNB towards retail CBDCs and the importance of maintaining cash use.

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You May Ask

What is the difference between wholesale CBDCs and retail CBDCs?What are the reservations of the SNB towards retail CBDCs?How many countries have shown interest in CBDCs and how many have completed successful launches?Which countries are still in the CBDC development phase?What is the purpose of the Atlantic Council's CBDC Tracker?

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