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Switzerland tests digital currency payments with top investment banks

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(Refiles to remove duplication of third paragraph lower down in the story)By John Revill and Tom WilsonZURICH : Switzerland's central bank has successfully used digital currency to settle transactions involving five commercial banks, the Swiss National Bank said on Thursday, the latest trial of th

ZURICH : Switzerland's central bank has successfully used digital currency to settle transactions involving five commercial banks, the Swiss National Bank said on Thursday, the latest trial of the technology in wholesale markets.

Under Helvetia, named after the symbol for Switzerland, the SNB integrated CBDCs into payment systems and used them in simulated transactions in the experiment which involved UBS, Credit Suisse Goldman Sachs Citigroup and Hypothekarbank Lenzburg. The project, which took place over three days towards the end of 2021, also involved Swiss stock exchange operator SIX, Switzerland's main provider of financial infrastructure services.

 

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