tl;dr
The Swiss National Bank (SNB) and Swiss Digital Exchange (SDX) are extending their exploration of wholesale central bank digital currencies for two more years. Project Helvetia III, which involved the issuance of seven digital bonds totaling over 750 million francs, has been completed. This explorat...
SNB and Swiss Digital Exchange have extended their exploration of wholesale central bank digital currencies for two more years. This comes after the successful completion of Project Helvetia III, which involved the issuance of seven digital bonds totaling over 750 million francs ($843 million).
The exploration aims to settle tokenized securities through a wholesale central bank digital currency and will include other financial institutions and transaction types over the next two years. The momentum in tokenization is fueling CBDC experimentation for institutional market participants looking to settle large trading transactions on blockchains.
The success of Project Helvetia III has paved the way for the inclusion of digital securities in the collateral market. The SNB is focusing on digital cash flow from institutions for wholesale securities settlement and is not interested in retail CBDC experimentation.
Project Agorá involves multiple central banks and the Bank for International Settlements in CBDC exploration. The completion of Project Helvetia III has led to an increase in participating members and has facilitated inclusion in the collateral market.
"What we’re talking about here is as good as the traditional infrastructure," said David Newns, head of SIX Digital Exchange. "Now we've achieved that sort of equivalence for digital securities around the cash leg, these are eligible for inclusion in the collateral market so you can use them for repo. We have bridges into traditional finance, so an issuer can reach that entire liquidity base you get on a traditional exchange."
Like many other central banks, the SNB is not interested in retail CBDC experimentation, only the digital cash flow from institutions for wholesale securities settlement. Newns mentioned that other approaches were considered, but ultimately, central bank money remains the preferred settlement asset.
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Company: Forum Energy Technologies Inc
Industry: Oil & Gas Field Machinery & Equipment
Market Cap: 206.858B
Headquarters: Houston, Texas
Current Price: $70.19
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