Switzerland promotes central bank digital currency

Posted 10 October, 2019

The Swiss National Bank (SNB) announced that it has signed an operational agreement with the Bank of International Settlements (BIS) to explore digital currencies.

The project is making use of the SIX Digital Exchange (SDX) platform, which is currently being built and promises to be the world's first end-to-end exchange for digital assets. The platform is expected to come on stream next year offering listing, trading, settlement and custody service.

The SDX system will help to explore technical possibilities for integrating digital central bank money into DLT platforms. Options include the connection of the existing Swiss Interbank Clearing System or the issue of digital Swiss franc tokens by the SNB for financial market participants.

The BIS plans to launch Innovation Hub Centres in Hong Kong, Singapore, and Switzerland for central bank technology projects. 

 “We are very proud that one of the first three Hub Centres will be here in Switzerland, where the BIS has been based for nearly 90 years. Switzerland is a hotbed of innovation,” said BIS General Manager Agustin Carstens.

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10 October, 2019 13:38

← US IRS publishes tax guidance covering cryptocurrencies

US Internal Revenue Service has expectedly released the tax guideline for the holders of the cryptocurrencies. The document has become the first taxation rules for this area for over 5 years. With the new edition, the authority managed to cover the issues that were not considered by the previous guideline released in 2014.

US IRS publishes tax guidance covering cryptocurrencies

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