Thomas Jordan, chair of the Swiss National Bank, argued against the necessity of a retail central bank digital currency (CBDC) and instead advocated for effective payment methods offered by the private sector. He also raised concerns about potential risks that could disrupt existing processes with this new system. On the other hand, the SNB saw potential benefits in implementing a CBDC that could streamline interbank settlements under current circumstances.
Through the Project Helvetia III led by the SNB, four bond transactions were completed with the assistance of wholesale Central Bank Digital Currencies (CBDCs), providing a straightforward method for settlement. Jordan highlighted the benefits of central banks issuing their own currency for transactions instead of relying on potentially risky asset settlement methods.
When pondering over the adoption of wholesale CBDCs (Central Bank Digital Currencies), there are crucial issues that merit consideration: overnight holding, compensation, and access for financial institutions. SNB’s assessment involves a thorough review of relevant reports and studies conducted using the Swiss franc as the currency.
Based on their deliberation, the SNB seems to favor a careful rollout for Central Bank Digital Currencies (CBDCs). They intend to address any operational issues first and then weigh the advantages and disadvantages before proceeding with large-scale implementation.
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2024-04-09 04:20