Mon, Jul 22, 2024

Swiss National Bank’s Tokenization Initiative
2 mins well spent

CHF: Swiss National Bank Explores Asset Tokenization

The SNB Chairman Thomas Jordan said Tokenization of Transferring money between two members is really safe, transparent and easy to access in the fast way. The project Helvettia 3 sucessfully launch of Digital currency regulated by Swiss Government and issued by Local Governments to Private projects successfully completed. Coming days Tokenisation system has to implement in Swiss Central bank system in order to smooth the transaction Ledger and no anti money laundering has to happened and being regulated by Swiss Government and SNB as per Speech given at the Basel meeting.

USDCHF is moving in Descending channel and market has reached lower high area of the channel

USDCHF is moving in Descending channel and market has reached lower high area of the channel

Thomas Jordan, the Chairman of the Swiss National Bank (SNB), announced on Monday that the bank is actively exploring methods to digitally tokenize financial assets. This initiative aims to enhance the security and efficiency of payment systems.

According to Jordan, central banks must determine the most effective approach to embrace these advancements, which proponents argue will accelerate transaction speeds and reduce costs. Tokenization involves representing financial asset claims digitally on a programmable platform, often leveraging distributed ledger technology.

SNB Swiss National Bank

Speaking at an event in Basel, Jordan outlined three potential strategies for central banks to adopt. First, they could adopt a “wait-and-see” approach, intervening only if tokenization becomes widespread. Alternatively, they could take an independent approach, proactively advancing regardless of market uptake. Lastly, central banks could proceed incrementally, collaborating with market participants to identify optimal solutions through experimentation.

The SNB favors the third option, Jordan noted, as it carefully assesses the associated risks and benefits. The bank has initiated the Helvetia III project, which enables the use of tokenized central bank money for transaction settlements. This project has already facilitated four bond issuances by Swiss local governments.

EURCHF is moving in box pattern and market has fallen from the resistance area of the pattern

EURCHF is moving in box pattern and market has fallen from the resistance area of the pattern

Jordan emphasized the significance of the Helvetia III pilot, highlighting its role in exploring how tokenization can enhance the existing financial system. He also pointed to the issuance of wholesale central bank digital currency (CBDC) on a regulated third-party platform as a testament to the SNB’s commitment to driving technical progress while maintaining prudent and responsible practices.


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