Project Helvetia, a joint proof-of-concept experiment between the Bank for International Settlements‘ Innovation Hub Swiss Centre, the Swiss National Bank and the financial infrastructure operator SIX Group, successfully shows the feasibility of integrating tokenised digital assets and central bank money.
The project demonstrates the functional feasibility and legal robustness of settling tokenised assets with a wholesale CBDC (PoC1) and with linking a DLT platform to existing payment systems (PoC2) in a near-live setup. The experiment should not be interpreted as an indication that the SNB will issue a wholesale CBDC.
Together with the Bank for International Settlements’ Innovation Hub (BISIH) Swiss Centre and SIX we published today our report of a joint experiment on integrating tokenised digital assets and central bank money. The study shows the feasibility and a comparison of two proofs of concept (PoCs), using “near-live” systems to settle digital assets on a distributed ledger with central bank money. In one PoC the central bank issues a wholesale central bank digital currency (CBDC), in the second PoC the exiting RTGS payment system is linked to a distributed ledger. The primary focus of the experiment was on addressing technical, operational and some of the legal issues in connection with the integration of central bank money into a DLT infrastructure. Further in-depth analysis will be required to determine whether security tokens can indeed bring the desired efficiency gains.