Project Helvetia Phase II Settling tokenised assets in wholesale CBDC

Trading, clearing and settlement are in flux. Domestically and across borders, efforts are under way to improve the safety and efficiency of “traditional” financial market infrastructures (FMIs).

At the same time, a new generation of FMIs based on distributed ledger technology (DLT) is emerging. In Switzerland, for example, SIX Digital Exchange (SDX) offers trading and settlement of so-called tokenised assets. At this early stage, SDX and other DLT-based infrastructures depend on privately issued forms of money to settle tokenised asset transactions. However, this might change in future. For instance, if such infrastructures were to become systemically important, international regulatory standards suggest that obligations should be settled in central bank money whenever practical and available. In addition, central banks might consider extending monetary policy implementation to tokenised asset markets or facilitating the build-up of a tokenised ecosystem.

Project Helvetia is a response to this possible transition to a tokenised financial ecosystem. It is a multi-phase investigation into how central banks could offer settlement in central bank money provided that there is significant adoption of this new generation of FMIs. The project is experimental and does not indicate that the SNB intends to issue wCBDC. …

Quelle / Link: Project Helvetia Phase II Settling tokenised assets in wholesale CBDC

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