ZURICH (Reuters) – 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.
Parliament had asked the government to look into prospects for creating an electronic Swiss franc.
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.
Central bank digital currency refers to money that a central bank would create in digital form and make available to the general public. It would complement existing forms of money such as banknotes…
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