Swiss National Bank to launch CBDC digital currency in December
Swiss National Bank to launch CBDC digital currency in December
SNB plans to launch a pilot program to introduce a Central Bank Digital Currency (CBDC).
The bank has scheduled this important step in the development of digital currencies for December 1. Preparatory measures include testing the digital franc for large transactions. The test will directly involve the six largest banks in Switzerland and Germany, as well as the Swiss digital stock exchange SIX.
The SNB's plans for the digital currency demonstrate the growing importance of blockchain technology, and its use in the traditional financial sector is increasing its applications and value, according to Cryptonews.
The launch of the CBDC pilot program reflects the Swiss bank's commitment to assessing the impact of innovative technologies on finance and harnessing the potential of blockchain for secure and efficient transactions.
To securely use tokenized assets on a regulated and practical distributed ledger technology (DLT) platform, the SNB will revolutionize the CBDC's wholesale transaction environment.
SNB Managing Director Thomas Jordan is confident of the project's success, emphasizing its potential to facilitate fast and secure transactions in the evolving digital financial ecosystem.
Further reading: Cathie Wood revealed the prospects of Bitcoin as an instrument of long-term investment.
