In a separate statement issued by Swiss financial institution SIX, this project will be important in providing the local financial market with “technological insights” and will also “send an important signal to all market participants to take steps to explore DLT technology and digital assets.”

BIS & SNB Working On Crypto

Unveiled in a pdf published Tuesday, typically the Swiss National Bank together with Bank for International Funds, the so-called “Bank as Banks”, are looking to begin refine a blockchain-based crypto asset. The document stated:

“ It will examine the integration of digital central bank money into a distributed ledger technology infrastructure. This new form of digital central bank money would be aimed at facilitating the settlement of tokenized assets between financial institutions.

Tokens are digital assets that can be transferred from one party to another. The project will be carried out as part of a collaboration between the SNB and the SIX Group in the form of a proof of concept.”

World Adopting Digital Currencies

The BIS’s move to adopt cryptocurrencies in this fashion comes as some prominent politicians have begun to push for digital asset solutions in their respective nations.

Speaking to  WirtschaftsWoche, a German business newspaper, Olaf Scholz threw his weight behind a digital Euro. The German Finance Minister, who is also the vice-chancellor under Angela Merkel, said in reference to a centralized cryptocurrency for the Eurozone:

“Such a payment system would be good for the financial center Europe and its integration into the world financial system. We should not leave the field to China, Russia, the US or any private providers.”

Scholz isn’t the only prominent European politician to have seriously considered a digital Euro. France’s equivalent of Scholz, Bruno Le Maire, was reported in September that the European Union should throw its hat into the cryptocurrency ring with a “public digital currency”.

Across the pond in the United States, some American politicians have made mention of a digital dollar. Per previous informs us from Ethereum World Up-to-date information, Congressman Warren Davidson, a Republican Representative to suit Ohio, recently brought up the idea of a tokenized dollar inside Twitter.

And in China, PBoC deputy director Mu Changchun revealed to financial leaders by using China that the digital asset’s prototype has been completed and may subsequently launch.

Even as it isn’t clear how shut any of these ideas/projects are in fact is, Dutch financial institution ING’s chief economist, Mark Cliffe, states that he believes central banks will be able to launch their own crypto holdings in most cases within the “next two to three years”.

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