Central Bank of Switzerland opens a new center for the study and creation of its own cryptocurrency

Central Bank of Switzerland opens a new center for the study and creation of its own cryptocurrency

The Swiss National Bank signed a cooperation agreement with the Bank for International Settlements, under which it will study the digital currencies of the central bank (CBDC) and how to effectively control electronic markets.

BIS announced on expanding its research activities and opening new operating centers in Switzerland, Hong Kong and Singapore.

The Swiss division will focus on researching the most important technology trends affecting central banks, the global financial system, and advising the Central Bank on innovation. First of all, the center is exploring the integration of CBDC into the technological blockchain infrastructure, and mechanisms that will simplify settlements in tokenized assets. In addition to the SNB, the local financial services provider SIX Group will be involved in this project.

The second direction will be the study of requirements for central banks to ensure effective monitoring and control over the rapidly developing electronic markets..

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Despite elaboration in this direction by the Bank for International Settlements, European Central Bank Chairman Mario Draghi believes that stablecoins and cryptoassets have not yet become a popular means of payment, since they are not a suitable substitute for money.

text: Ivan Malichenko, photo: Bloomberg

Central Bank of Switzerland opens a new center for the study and creation of its own cryptocurrency

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