Article Image

IPFS News Link • Central Banks/Banking

Swiss National Bank Extends Wholesale CBDC Pilot Program by at Least Two Years

• Currency Insider

Amid the heightened adoption of blockchain technology and web3 payments, the Swiss National Bank (SNB), the central bank of Switzerland that is responsible for the nation's monetary policies, has announced that it will extend the digital Franc pilot program to at least 2026.

According to a report by Bloomberg, the SNB's Governing Board member Antoine Martin noted that the bank will continue with its ongoing wholesale Central Bank Digital Currency (CBDC) pilot program in the coming years.

The SNB's wholesale CBDC pilot program began last December and was scheduled to end by June 30 this year, but has turned out to be a huge success. Ahead, the SNB is now determined to add more institutions as participants in the wholesale CBDC pilot program.