Key Points:
Jordan said that the trial project, which will begin soon, will be for a short period. In contrast to wholesale CBDCs, which employ tokenized securities, the SNB has long been wary of public or retail CBDCs.
“This is not just an experiment, it will be real money equivalent to bank reserves and the objective is to test real transactions with market participants,” stated Chairman Thomas Jordan at the Point Zero Forum.
Jordan expressed worry about the potential threats retail CBDCs may have to the financial system while their usage was more difficult to regulate.
“We do not exclude that we will never introduce retail CBDCs, but nevertheless, we are a little bit prudent at the moment,” he said.
Although the fall of cash has accelerated in certain situations, central banks throughout the globe are researching digital versions of their currencies in order to avoid leaving digital payments to the private sector.
Not only Switzerland, many countries around the world now have a breakthrough with CBDC.
As Coincu reported, Brazil’s central bank has approved Mercado Bitcoin, the country’s biggest crypto exchange, to join in the CBDC pilot project. On the same day, Brazil’s state-owned Caixa Bank was permitted to participate in the project.
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