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Swiss National Bank to Collaborate with Commercial Banks and SDX on Wholesale CBDC Pilot
The Swiss National Bank (SNB) has announced its partnership with SIX Digital Exchange (SDX) and other prominent commercial banks in Switzerland for the initiation of a pilot project aimed at testing the issuance of wholesale central bank digital currencies (wCBDCs) within the nation.
The pilot program, called Helvetia Phase III, marks the first step in exploring the potential of CBDCs in the country for settling digital security transactions.
SNB to Kickoff wCBDC Testing in December
According to the official announcement on Thursday, the CBDC testing will see the participation of other major commercial banks in Switzerland, such as Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank, Hypothekarbank Lenzburg, UBS, and Zürcher Kantonalbank.
These financial institutions will work alongside the SNB and the SIX Swiss Exchange to test the practicality of settling digital securities t
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