Swiss Banking proposes a “Deposit Token,” New Money for Switzerland.
This white paper focuses on the question of how banks can best support the Swiss economy when it comes to settling transactions in digital assets and executing payments in a digitalised economy. As the digital transformation sweeps through the economy and society at large, it requires support from efficient, generally accepted and secure means of payment. Against this background and considering developments such as the tokenisation of assets and the emergence of decentralised finance applications, the Swiss Bankers Association (SBA) is working on the concept of a digital currency in the form of tokenised deposits based on distributed ledger technology (DLT): the “Deposit Token” (DT). This kind of stablecoin, if carefully designed, would potentially allow for a wide range of new applications, reduce risks, increase efficiency, and open up whole new areas of business. Looking at the big picture, the main goals are to preserve and strengthen Switzerland’s standing as a leading hub for innovation, support the Swiss franc (CHF) as a means of payment, and bolster the technological sovereignty of the CHF economic area.
Report in the NZZ.