Swiss National Bank to Launch Wholesale CBDC Pilot: Chairman Announces Helvetia Phase III

The Swiss National Bank (SNB) is set to launch a wholesale central bank digital currency (CBDC) pilot, marking a significant step in the exploration of digital finance. At a conference in Zurich on Monday, the chairman of the Swiss National Bank (SNB) announced that the bank plans to issue a wholesale central bank digital currency. This pilot, called Helvetia Phase III, will see the SNB for the first time issue real wholesale CBDC in Swiss francs on a financial market infrastructure based on distributed ledger technology (DLT).

The initiative is supported by the country’s SIX digital exchange. The Swiss National Bank would issue a wholesale central bank digital currency (wCBDC) for use by Switzerland’s main provider of financial infrastructure services.

Helvetia III: Piloting Tokenised Central Bank Money

Helvetia III pilots tokenised central bank money for wholesale use, often referred to as wholesale CBDC. Participating banks can use Swiss franc wholesale CBDC to improve efficiency and reduce risks in interbank settlements. With this pilot, called Helvetia Phase III, the SNB will for the first time issue real wholesale CBDC in Swiss francs on a financial market infrastructure based on distributed ledger technology (DLT).

This move underscores Switzerland's commitment to innovation in the financial sector and positions the SNB as a leader in the exploration of CBDCs. The Helvetia III pilot promises to provide valuable insights into the potential of wCBDCs for enhancing financial market infrastructure.