Switzerland's central bank is teaming up with the country's stock exchange operator to investigate digital assets.
The Swiss National Bank is joining up with SIX, a Zurich-based stock exchange operator, to use a blockchain-based token for financial institutions to settle among each other, the central bank said in a statement. The cooperation is backed by the Basel-based Bank for International Settlements to set up so-called hubs in Switzerland, Hong Kong and Singapore.
The move is a reversal for the Swiss central bank, which has been cool on an e-Swiss franc. It comes as Zurich-based SIX sets up a digital asset-based trading infrastructure (click here to read more).
«Through the cooperation at the BIS innovation hub center in Switzerland, the SNB will be able to further expand its expertise in the area of financial markets and their infrastructures,» central bank head Thomas Jordan said in a statement.
Swiss «Hotbed»
The SNB's efforts come as it joins up with the BIS on the Swiss and Asian sites in order to spot tech trends hitting central banking, develop tech utilities for themselves, and bundle its experts on innovation. «Switzerland is a hotbed of innovation,» BIS head Agustín Carstens said.
«This comes on top of its overall competitiveness, well-established financial ecosystem, and strong academic institutions specializing in technology.» Separately, Switzerland recently slipped off its top spot in a ranking of competitiveness, ceding to Singapore.
