The Swiss National Bank and five other giant banks informed they managed to integrate CBDCs into the banking systems.
The Swiss National Bank , together with five other banking giants, have reportedly tested whether they can process central bank digital currencies within the nation’s financial network. The institutions revealed they were able to integrate CBDCs into their existing core banking systems.by Bloomberg disclosed that Switzerland’s central bank and five commercial banks successfully employed CBDCs to settle transactions.
The SNB pointed out that none of the existing cryptocurrency platforms are “systemic” to support CBDC settlements as of the moment. As such, the goal of the test was to determine whether those exchanges can integrate such functions. Andrea Maechler – Governing Board Member of the Swiss National Bank – said:
It remains unclear when the team will launch the next phase of “Project Helvetica.” Despite being successful, there are still some issues which the trial did not cover. These include cybersecurity and processing a large number of transactions.The group outlined that the project remains “an exploratory nature,” and people should not interpret that the nation’s central bank will issue a wholesale CBDC.
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