{"id":81978,"date":"2024-06-20T08:57:36","date_gmt":"2024-06-20T12:57:36","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=81978"},"modified":"2024-06-20T08:58:12","modified_gmt":"2024-06-20T12:58:12","slug":"swiss-national-bank-extends-digital-franc-pilot-two-years","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/swiss-national-bank-extends-digital-franc-pilot-two-years\/","title":{"rendered":"Swiss National Bank Extends Digital-Franc Pilot Two Years"},"content":{"rendered":"\n

The Swiss National Bank (SNB)<\/a> has\u00a0extended its digital-franc pilot\u00a0program by two years. They evaluate performance, security, and scalability in real-world settings.<\/p>\n\n\n\n

\"Swiss<\/figure>\n\n\n\n

The Swiss National Bank (SNB) has announced the extension of its digital-franc pilot program for another two years.<\/p>\n\n\n\n

This action demonstrates Switzerland's commitment to investigating the potential of central bank digital currencies (CBDCs) and their integration into the financial system.<\/p>\n\n\n\n

However, initially introduced to evaluate the feasibility and implications of a digital franc, the pilot will now further evaluate the currency's scalability, security, and efficacy in real-world scenarios.<\/p>\n\n\n\n

Swiss National Bank Prolongs Digital-Franc Pilot By Two Years<\/h2>\n\n\n\n

The Swiss National Bank (SNB) has announced a substantial extension of its pilot program for a wholesale central bank digital currency<\/a> (CBDC), which will now continue for a minimum of two more years.<\/p>\n\n\n\n

Antoine Martin, a member of the SNB's Governing Board, commended the pilot's achievement since its launch in December 2022, emphasizing its contribution to the advancement of CBDC technology.<\/p>\n\n\n\n

Meanwhile, enabling the wholesale CBDC to facilitate a broader range of financial transactions, the extended pilot aims to increase the participation of financial institutions.<\/p>\n\n\n\n

This initiative reflects Switzerland's ongoing commitment to investigating the potential advantages and obstacles of CBDCs, which is consistent with the global trend of digital innovation in finance.<\/p>\n\n\n\n

The SNB plans to acquire more comprehensive data on the digital franc's functionality and usability by extending the pilot, potentially paving the way for broader adoption or further innovation in digital financial instruments.<\/p>\n\n\n\n

FlowBank\u2019s Closure and Financial Market Supervision<\/h2>\n\n\n\n

In a recent development, the Financial Market Supervisory Authority (FINMA) \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>of Switzerland has ordered the closure of FlowBank as a result of insolvency.<\/p>\n\n\n\n

FlowBank, an online Swiss bank that operates in the crypto sector, was unable to meet the minimum capital requirements and was under the weight of substantial debts, which prompted FINMA to take decisive action.<\/p>\n\n\n\n

Although FlowBank guarantees deposits of up to 100,000 Swiss francs, there are still concerns about the fate of the crypto assets it holds.<\/p>\n\n\n\n

FINMA's rigorous supervision reflects Switzerland's commitment to protecting consumers and preserving financial stability in the swiftly evolving crypto sector.<\/p>\n\n\n\n

The closure highlights the consequences for institutions that fail to satisfy regulatory standards, underscoring the significance of regulatory compliance and financial soundness in Switzerland's banking sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Swiss National Bank (SNB) has\u00a0extended its digital-franc pilot\u00a0program by two years. They evaluate performance, security, and scalability in real-world settings. The Swiss National Bank (SNB) has announced the extension of its digital-franc pilot program for another two years. This action demonstrates Switzerland’s commitment to investigating the potential of central bank digital currencies (CBDCs) and […]<\/p>\n","protected":false},"author":56,"featured_media":81983,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[891,20122],"class_list":["post-81978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-swiss-national-bank","tag-swiss-regulations"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/Swiss-National-Bank-Extends-Digital-Franc-Pilot-Two-Years.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=81978"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/81983"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=81978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=81978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=81978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}