Swiss National Bank: blockchain will change cross-border payment

The Swiss National Bank (SNB, the central bank of Switzerland) would use the blockchain tech in cross-border payments and deals connected with securities, although it requires additional testing. This has been stated by one of the governors of this bank in Zurich yesterday.

Andrea Maechler also thinks that the bank-issued cryptocurrency is an idea not worthy of implementation due to financial risks and the lack of distinct advantageous features in comparison to the regular money. Reports do not specify which financial risks were meant exactly, considering that a bank-issued currency would theoretically be more institutionalized and monitored by regulators.

The latter position about the lack of need for state cryptocoins has been independently confirmed by the American officials responsible for the internal market of the United States. The Federal Reserve has researched the concept of state-issued cryptocurrency and it has come to a conclusion that firstly, this coin cannot be used by any states to avoid sanctions and secondly, it does not require immediate implementation.

Image courtesy of KEYSTONE / GAETAN BALLY