SNB board member Andrea Michler said that officials at the country's central bank believe that the risks outweigh the benefits when it comes to the central bank's digital currency. p>
Micheller added that the general public's use of the digital franc in everyday transactions would likely not help promote financial inclusion in Switzerland, where nearly the entire working population has access to bank accounts. .
This is not to say that the SNB is not interested in central bank cryptocurrencies, but our focus is on looking at the role CBDCs can play in wholesale .
and stated that the central bank needs to take into account privacy concerns and the potential for digital currency to become used for illicit transactions, CoinTelegraph reported.
Michler's statement comes after the Swiss National Bank announced the integration of a wholesale central bank digital currency into the banking systems of five commercial banks in Switzerland.
At the time, Maichler seemed to be encouraging the bill, saying that central banks needed to stay on top of technological changes in an effort to ensure monetary and financial stability. p>
Testing a wholesale central bank digital currency introduction was part of the second phase of Project Helvetia, an initiative aimed at preparing central banks for tokenized financial assets based on ledger technology distributed.
During the fourth quarter of 2021, the Swiss National Bank (SNB) integrated wholesale central bank digital currency into the existing systems and operations of Citi, Credit Suisse, Goldman Sachs, Hypothercare Bank Lenzburg, and UBS.