Swiss National Bank (SNB), the central bank of Switzerland. finishThe second phase of Project Helvetia with partners is to integrate Wholesale CBDC with existing back office systems and processes across five banks: Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg and UBS.
Swiss bank for international settlements and financial infrastructure provider SIX have also joined SNB as a partner in Phase 2 of Project Helvetia, which takes place in the fourth quarter of 2021.
Project Helvetia is seen as a multi-phase investigation of central bank token settlements. Its aim is to prepare the central bank for a future where tokenized financial assets on distributed ledger technology become commonplace. The project focuses on solving operational, legal and policy-related issues of settlement, with the official announcement indicating that the lack of a DLT-based platform does not mean there will be no such platform in the future.
Switzerland is a country where experimentation continues. Since the issuance of wholesale CBDCs, which are used to settle interbank transfers and related wholesale transactions.
The second phase of Project Helvetia will explore interbank settlement, monetary policy, and cross-border transactions. In the test system of the SIX Digital Exchange, SIX Interbank Clearing and the main banking system.
Andréa Maechler, Member of the SNB Board of Directors, said: “In order to fulfill its obligations to ensure financial stability and stability, Central banks need to stay on top of technological change.
“The Helvetia project is a prime example of how to achieve this goal and gives the SNB a deeper understanding of how the security of central bank money can be extended to the token asset market.”
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