Andréa Maechler, a member of the board of directors of the Swiss National Bank (SNB), has changed her position on the issuance of a digital franc by the central bank.
According to a Tuesday note by Reuters journalist John Revill, Maechler said officials at the country’s central bank “believe the risks outweigh the benefits” when it comes to CBDCs. The board member said that getting the general public to use a digital franc in day-to-day transactions would probably not help promote financial inclusion in Switzerland, where nearly the entire workforce already has access to bank accounts.
“This does not mean that the SNB is not interested in CBDCs, but rather that our goal is to study the role that wholesale CBDCs could play,” Maechler said, adding that the central bank needed to take into account privacy issues and the possibility of the digital currency being used for illicit transactions.
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