Swiss National Bank to expand digital currency project

The Swiss National Bank (SNB) is considering expanding its pilot project with wholesale central bank digital currencies (CBDC), according to governing board member Antoine Martin.

Speaking at the Point Zero Forum in Zurich on Wednesday, Martin expressed the SNB’s desire to see the pilot grow, with more banks participating and an increase in transaction volumes.

The SNB announced last month that it would continue providing a wholesale CBDC for at least two more years, extending the pilot project, named Project Helvetia III, which began last year. Currently, six banks, including UBS and Commerzbank, are involved in the project.

To date, the initiative has facilitated six digital bond issuances, amounting to a total value of 750 million Swiss francs ($830.38 million).

Attribution: Reuters.