Wednesday, October 28, 2020

SNB teams up with Swiss Stock Exchange to explore the potential of cryptocurrency

The Takeaway:

Swiss National Bank and Swiss stock exchange SIX have decided to work together to find ways to make digital currency backed by central banks available for trading. This initiative is a part of the innovation hub that BIS and SNB are developing together with the hubs in Hong Kong and Singapore.

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Swiss National Bank and stock exchange SIX have decided to team up to understand and explore the ways to make central bank digital money available. This step is taken by the firms to make that money available for trading and helping in settlements among financial market players.

The buying and selling of these assets based on digital ledger technology have the potential to remove the risk and help create economic opportunities. This initiative is a part of the innovation hub for financial technology that the Bank of International Settlements had decided to set up earlier this year in collaboration with the SNB. The centers for the hubs will be based in Hong Kong and Singapore.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Thomas Gonzales
Thomas Gonzales
Thomas is a Stanford University graduate who loves to talk about the financial world. Though he has a demonstrated history of working in the real estate industry but ever since he came into the crypto space, he has developed a keen interest in researching and writing about bitcoin and blockchain.

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