Leading Swiss banks such as Post Finance, UBS, and Sygnum have joined forces to explore the feasibility of a digital Swiss franc. The initiative, led by the Swiss Bankers Association (Schweizerische Bankiervereinigung, or SBVg), aims to modernize the Swiss financial system and strengthen its competitive edge in the digital economy.
The project, called "Digitale Währungen" or "Digital Currencies" in English, is backed by large Swiss banks that have signed a Memorandum of Understanding (MoU) to jointly conduct a Proof of Concept (PoC) for a digital Swiss franc deposit token. According to the MoU, a deposit token is a blockchain-based payment method similar to traditional deposits. It allows bank customers to transact on a new innovative payment platform using distributed ledger technology (DLT) and smart contracts.
Initially, the deposit token PoC will focus on two use cases: simple payments and deliveries between participating banks, and payment transactions with escrow capabilities.
Switzerland's leading banks have joined forces to launch a proof-of-concept for a digital Swiss franc deposit token
2024-09-24 05:23:37
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