The Swiss National Bank and the Bank for International Settlements to start a digital central bank innovation hub in Switzerland
The Central Bank of Switzerland (CSB) and the Bank of International Settlements (BIS) are working together on establishing an innovation hub which will focus on the deployment of central bank controlled digital money. Tests will be made by using the distributed ledger technology (blockchain). The project plans to connect the existing Swiss Interbank Clearing System and the possible issuance of Swiss franc tokens for wider use in financial system. The Innovation hub in Switzerland is one of three development centres developed by the BIS worldwide, with plans to launch in Hong Kong and Singapore as well.