The leader of Switzerland’s SNB, in charge of managing their currency system, suggested creating a cryptocurrency for public usage.
In his Zurich speech, Mr. Thomas Jordan noted that banks hold some innate advantages over digital currencies and blockchain-based projects when it comes to saving time during transactions. This advantage can be particularly beneficial for businesses and consumers. Reuters provides further details.
People and organizations can currently choose from various convenient and advanced payment methods provided by companies.
Despite this, the Swiss National Bank (SNB) is considering introducing a central bank digital currency (CBDC) for institutional use only. This would be restricted to transactions between banks and select institutions. Last year, they initiated a pilot project to evaluate its potential benefits.
This news comes as central banks worldwide grapple with the potential of digital currencies.
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2024-04-11 00:36