With the Helvetia project, the Swiss National Bank is entering the second phase with five commercial banks, which will integrate the planned CBDC into the banking systems.
Swiss CBDC enters phase 2
Switzerland has continued to advance the roadmap for the integration of central bank digital currencies (CBDC) into the current financial system.
The Swiss National Bank (SNB) has completed the second phase of Project Helvetia with its partners by integrating Wholesale CBDC into the existing back-office systems and processes of five banks including Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg and UBS.
Project Helvetia aims to prepare central banks for a future where DLT-based tokenized financial assets are the norm. The project focuses on solving operational, legal and policy-related settlement issues.
Switzerland is an ideal country for such an experiment as it is legally possible to issue a CBDC specifically used to process interbank transfers and related wholesale transactions on a distributed DLT platform operated by a private company.
The second phase of the Helvetia project examined the settlement of interbank, monetary and cross-border transactions on the test systems of SIX Digital Exchange (SDX), the Swiss real-time gross settlement system - SIX Interbank Clearing (SIC) - and core banking systems.
Andrea M. Maechler, SNB Board Member said:
"In order to continue fulfilling their mandate to ensure monetary and financial stability, central banks must keep pace with technological change."
She continued:
“The Helvetia project is a prime example of this. It allowed the SNB to deepen its understanding of how the safety of central bank money could be extended to tokenized asset markets.”
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