Swiss authorities favor wholesale CBDC

Swiss authorities favor wholesale CBDC

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The Swiss government did not find the benefits of issuing the central bank’s retail digital currency (CBDC), but recognized the benefits of its wholesale option.

At the request of the lower house of the country’s parliament, the Federal Council of the country examined the benefits and risks of issuing a CBDC, and concluded:

“At present, the universally available CBDC will not bring additional benefits to Switzerland. Instead, it will create new risks, especially in relation to financial stability. ”

The Council noted that some economists expect digital currencies to increase the efficiency of payments and monetary policy, as well as strengthen the stability of the financial system as a whole. A number of CBDC supporters are confident that its use will reduce tax crimes and help in the fight against money laundering.

According to the government, the digital franc, at best, will partially meet these expectations, and for these areas there are more effective solutions.

This position is shared by the Central Bank of Switzerland (CBS).

The Federal Council considers a more promising strategy the creation of a digital currency accessible only to financial market players.

“It will not have the same far-reaching fundamental implications as retail CBDC. The “wholesale token” issued by the Central Bank of the Central Bank can help improve the efficiency of trading, settlement and securities management, ”the Swiss government said in a report.

Earlier, the Ministry of Finance and the US Federal Reserve did not find the need to issue a digital dollar, and the new head of the ECB Christine Lagarde urged not to rush to launch a digital euro.

Swiss authorities favor wholesale CBDC

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