Swiss National Bank (SNB) Chairman Thomas Jordan said the central bank “sees no need” to issue a central bank digital currency (CBDC) for public use despite the benefits of a wholesale version.
Jordan argued that the current financial market offers a wide selection of efficient and innovative payment methods through the private sector, rendering a retail CBDC unnecessary.
Retail risks
The central bank chairman said that retail CBDCs could significantly disrupt the established monetary system and the symbiotic relationship between central banks and commercial banks, leading to extensive and unpredictable impacts on the overall financial framework.
Jordan added that the disadvantages of a retail CBDC likely outweigh any benefits, and introducing them could have “far-reaching consequences” on financial stability.
The Swiss central bank’s skepticism comes amid a growing interest in digital currencies and blockchain technology globally, with central banks exploring their impact on
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