CBDC Pilot From Swiss Bank To Drive Digital Sec
Switzerland is set to collaborate with Swiss financial market players to develop its future digital financial markets. SIX, the Swiss stock exchange, the Swiss National Bank, and six other commercial banks are launching a pilot project called Helvetia Phase III, which aims to create a tokenized version of the Swiss Franc wCBDC as a settlement instrument for better transactions involving digital securities on the SIX Digital Exchange (SDX).
The project will use data insights from earlier phases, Helevita 1 and 2, conducted by BIS Innovation Hub, the Swiss National Bank, and SIX Digital Holdings. The pilot will involve existing SDX member banks, such as Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank, Hypothekarbank Lenzburg, UBS, and Zürcher Kantonalbank.
The pilot will utilize the Swiss Interbank Clearing SIC framework, operated by SIX and SIX SIS, the national Central Securities Depository (CSD) of the Swiss financial market, and an International Central Securities Depository (ICSD).
The pilot will enable banks to issue digital Swiss Franc bonds, which can only be settled against wCBDC on a delivery versus payment basis. This collaboration aims to enhance transparency and efficiency in the well-regulated financial system, positioning Switzerland as a leader in digital finance innovation.
(With inputs from Shikha Singh)
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