The Swiss government took a downbeat view of creating a central bank digital cur...
ZURICH - The Swiss government took a downbeat view of creating a central bank digital currency for public use, saying it could do more harm than good and destabilize the financial system.
“Universally accessible central bank digital currency would bring no additional benefits for Switzerland at present. Instead, it would give rise to new risks, especially with regard to financial stability,” the cabinet said after meeting on Friday.The Swiss National Bank has taken a skeptical view of rolling out an electronic Swiss franc for use by the general public. The SNB is researching the broader use of digital central bank currencies alongside the Bank for International Settlements.
Most central banks are examining the topic and the possible repercussions, but only a few, such as in China and Sweden, plan to issue digital currencies in the short to medium term, the government noted. But the Swiss cabinet said central bank digital currency cannot meet these expectations in full and that the repercussions could be far-reaching.
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