Swiss Complete Test Of Digital Currency Settlement

By Najiyya Budaly (January 13, 2022, 1:46 PM GMT) -- Switzerland has successfully settled transactions using a wholesale central bank digital currency in the existing private financial system in a test that is a breakthrough for digital assets, the global standards coordinator for central banks said on Thursday.

The Bank for International Settlements said that the Swiss National Bank had successfully integrated a digital currency into the back-office systems and processes of five commercial lenders including Credit Suisse and Goldman Sachs.

Central bank digital currencies, or CBDCs, are traditional money in digital form and are issued and governed by national central banks. They differ from stablecoins, which are linked to fiat money...

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