Central Bank of Banks BIS to Trial Digital Currency
Thursday, 10 29 2020, Category: Banking, Country: World
An executive at the Bank for International Settlements, a consortium that comprises most of the world’s top central banks, said today that the BIS is working on a central bank digital currency pilot with Switzerland’s central bank.
“By the end of this year, we plan to publish our first wholesale CBDC proof-of-concept with the Swiss central bank,” said Benoît Cœuré, head of the BIS’s Innovation Hub, in a speech at the Shanghai Bund Summit (Cœuré dialed in).
Wholesale CBDCs are central bank digital currencies held by banks. Theoretically, they’d facilitate cheaper transactions and greater security.
Decrypt reached out to the BIS and the National Bank of Switzerland and we will update this story with any responses.