Swiss banks to jointly explore digital Swiss franc
Coordinated by the Swiss Bankers Association, a group of banks including BCV, Credit Suisse, Entris Banking, Hypothekarbank Lenzburg, InCore Bank, Julius Baer, PostFinance, Sygnum, UBS, Vontobel, VZ Depotbank and Zürcher Kantonalbank, have launched the project aimed at introducing a digital Swiss franc based on tokenized deposits with public good character to set the basis for new, innovative financial services in Switzerland.
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In the current project phase, the project group will work towards establishing a robust legal and economic framework that enables each participating bank to tokenize deposits while ensuring compliance with regulations. Furthermore, the project group aims to identify the relevant parameters of a Deposit Token that are conducive to achieving the objectives outlined in a Swiss Banking white paper. The selected variant will be rigorously evaluated to ensure its regulatory compliance, technical viability, scalability, functionality, and alignment with the objectives of enhancing efficiency and resilience. This will lay the foundation for a secure and transparent digital assets ecosystem.
Throughout the project phase, the participating banks will therefore collaborate closely with regulatory authorities, industry stakeholders, and technology experts. Furthermore, the project group is in contact with other related initiatives in Switzerland.
The introduction of a digital Swiss franc on a blockchain infrastructure shall represent a transformative step towards the future of banking in Switzerland and is paramount for the future competitiveness of the Swiss financial sector. The project members are committed to advancing this initiative and look forward to collaborating with relevant players and potential suppliers in this field. Further updates will be shared as the project progresses.