Swiss Central Bank Initiates Wholesale CBDC Pilot as Global Adoption of Central Bank Digital Currencies Progresses

Swiss Central Bank Chairman Thomas Jordan has announced the launch of a wholesale central bank digital currency (CBDC) pilot on Switzerland’s SIX digital exchange. The pilot project is set to commence soon and will have a limited duration on the digital exchange. While the Swiss Central Bank remains cautious about introducing a retail CBDC, expressing concerns about potential risks to the financial system, it is actively exploring CBDCs. Governor Andrea Maechler emphasized the importance of maintaining the ability for retail households to hold central bank money, regardless of the technology used. Meanwhile, the International Monetary Fund (IMF) revealed that over 10 central banks are nearing the completion of CBDC issuance, although many aspects of organizing and regulating CBDCs still require decisions. The IMF is also working on a global infrastructure for CBDCs to enhance interoperability and utilization. Currently, more than 100 central banks worldwide are exploring their own CBDC initiatives, with G7 countries transitioning from the research phase to concrete pilot projects.