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Swiss National Bank, SIX and BIS partner to explore use case of digital Franc for trading

Tony Badwy [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)]

Thu, 10 Oct 2019, 04:11 am UTC

The Swiss National Bank (SNB), Switzerland’s central bank, is working with the country’s stock exchange operator SIX Group to determine the possible use of digital currencies in trading.

In a release, SIX Digital Exchange (SDX) said it partnered with the SNB to develop a proof of concept to “explore how digital central bank money could be used in the settlement of tokenized assets between market participants.”

Specifically, it plans to explore the technical options including digitizing the Swiss franc on the SDX platform and connecting with the Swiss Interbank Clearing System.

SDX aims to create tokenized assets and central bank digital currency (CBDC) based on a distributed ledger to reduce counterparty risk and release financial innovations.

Our proof of concept on the subject of digital central bank money for financial market participants on DLT platforms will not only provide technological insights. but will also send an important signal to all market participants to take steps to explore DLT technology and digital assets,” SIX’s Thomas Zeeb said.

The research will be conducted at an innovation hub center set up by the SNB in collaboration with the Bank of International Settlement (BIS), dubbed as the central bank for central banks.

The SNB has for some time been closely following the digitalisation of the financial sector and technological innovations in the areas covered by its mandate. Through the cooperation at the BIS Innovation Hub Centre in Switzerland, the SNB will be able to further expand its expertise in the area of financial markets and their infrastructures,” Thomas J. Jordan, SNB Governing Board Chairman, said.

The news comes as Facebook’s proposed Libra cryptocurrency is dealing with backlash from global regulators. However, Mark Branson, the director of the Swiss Financial Market Authority (FINMA), recently talked about the perceived pressure of the cryptocurrency based in Geneva as well as the potential benefits it can bring.

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