Switzerland is also taking part in the race – The Swiss Central Bank is taking a new step in the creation of its MNBC. She is looking for commercial banks to scrupulously test her crypto-franc.
First conclusive tests
It has been some time now since the Swiss National Bank (SNB) started various tests with a view to issuing an MNBC.
But it was in early December that she finally published a document summarizing her work with the BIS (Bank of International Settlement) in the context of large transfers between banks .
After initial favorable results, the SNB is preparing to test its cryptocurrency as part of the launch of the SIX Digital Exchange , in 2021. This appears to be the ideal infrastructure to test the newly created MNBC.
In reality, the next step is to test the adaptability of the MNBC with commercial banks . This is why the SNB claims to be currently looking for a guinea pig:
“We are now looking for local banks who are willing to participate, as it involves some costs for them. They will need to be able to adapt their own systems to participate. “
Statement by Thomas Moser, deputy member of the Executive Board of the Swiss National Bank at The Block
Tests gathered in the Helvetia project
All of these tests are part of a project called Helvetia. Its main objective is to set up proofs of concept to test the viability of an MNBC.
This project included 2 different proofs of concept :
The first on tokenization , namely the issue of the MNBC
The second concerns „detokenization „, namely the delivery against payment of the tokenized asset.
However, this project is only the beginning of a long series of tests.
“The Helvetia project is a first step towards this broader understanding of the implications for the financial system. There is still work to be done to establish a clear vision of the role of a central bank in any future system. “
For its part, the Central Bank of France is continuing its tests in partnership with Société Générale . It remains to be seen who will be the first country on the European continent to adopt a central bank cryptocurrency.