Zurich, 13 January 2022
This experiment was carried out during the fourth quarter of 2021. It explored the settlement of interbank, monetary policy and cross-border transactions on the test systems of SIX Digital Exchange (SDX), the Swiss real-time gross settlement system - SIX Interbank Clearing (SIC)
- and core banking systems.
"We have demonstrated that innovation can be harnessed to preserve the best elements of the current financial system, including settlement in central bank money, while also potentially unlocking new benefits," said Benoît Cœuré, Head of the BIS Innovation Hub. "As DLT goes mainstream, this will become more relevant than ever," he added.
"To continue fulfilling their mandates of ensuring monetary and financial stability, central banks need to stay on top of technological change. Project Helvetia is a prime example of how to achieve this. It allowed the SNB to deepen its understanding of how the safety of central bank money could be extended to tokenised asset markets," said Andréa M. Maechler, Member of the Governing Board, Swiss National Bank.
"SIX is proud to collaborate with the BIS Innovation Hub and the SNB and contribute to Project Helvetia by leveraging SDX, the world's first regulated DLT-based financial market infrastructure. The project demonstrates that the SDX platform supports wholesale CBDC for settling tokenised assets end to end," said Jos Dijsselhof, CEO, SIX.
As an experiment, Project Helvetia is of an exploratory nature and should not be interpreted as an indication that the SNB plans to issue a wholesale CBDC. Phase II continues the exploration of tokenised asset settlement in wholesale CBDC that was started by Project Helvetia Phase Iin 2020.
Read the full report: Project Helvetia Phase II - settling tokenised assets in wholesale CBDC.