In June the Swiss National Bank (SNB) extended its wholesale central bank digital currency (wCBDC) pilot by two years. That major news overshadowed another groundbreaking first: the central bank conducted DLT-based monetary policy operations by issuing CHF 64 million in digital SNB Bills on the SIX Digital Exchange’s DLT. They were redeemed seven days later.
This week the central bank shared findings about the trial, which formed part of Project Helvetia III, its wholesale CBDC initiative. It concluded that this approach is feasible and effective.
However, most of the other findings amounted to digital SNB Bills being a new process that would therefore require additional work. The SNB views DLT as still being niche, with relatively low volumes.
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