Five Swiss banks have successfully tested the digital franc for the first time in Europe for the first time. The second study phase began in December 2021 and finished in January 2022.
According to the official CBDC test report, regulators successfully cooperated with five commercial banks to incorporate the digital franc into their business structures during the trial. Large firms like Citigroup and Goldman Sachs are among the most well-known.
Interbank, currency, and cross-border transfers were performed during the tests. In addition, the banks were given the task of researching the complexity, legal consequences, and political repercussions of issuing a CBDC.
There are currently no plans for the Helvetica project’s third phase, according to experts. Instead, this is merely an examination of the many options for developing and using the national cryptocurrency. As a result, after the second phase of the inquiry, Switzerland is unlikely to issue digital francs.