Swiss central bank trials wholesale CBDC with BIS and commercial lenders

The Swiss National Bank (SNB) has successfully tested the integration of a wholesale central bank digital currency (CBDC) settlement with commercial banks.

According to an announcement by the Bank for International Settlements (BIS) on Thursday, the successful trial was a major part of the second phase of Project Helvetia that aims to integrate tokenized financial assets with mainstream markets.

The BIS joined five commercial banks — Goldman Sachs, Credit Suisse, Citi, UBS, and Hypothekarbank Lenzburg — as well as the Swiss stock exchange platform SIX to carry out the test. In December 2020, the SNB stated plans to expand its digital currency trials to include commercial lenders.