Today the BIS shared the results of the Swiss wholesale central bank digital currency trials, Project Helvetia. The result of the digital Swiss Franc trial is that the experiment was successful, but further work is needed.
The Swiss stock exchange SIX is readying to launch the SIX Digital Exchange (SDX), which uses distributed ledger technology (DLT). As a result, the Swiss National Bank launched a trial with SIX and the BIS to explore the potential for a wholesale CBDC so that payments for digital assets could be settled instantly, or delivery versus payment (DvP).
The Proof of Concept involved two options, the wholesale CBDC (w-CBDC) and connecting the DLT to the real-time gross settlement system (RTGS). In Switzerland, the RTGS called SIC, is operated by a SIX subsidiary on behalf of the central bank.
However, the paper considered both solutions experimental, which leaves a question of how settlement will happen when SDX goes live?
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