The Swiss National Bank says it does not plan to introduce a central bank digital currency in the near future
The Swiss National Bank (SNB) has announced that it is not currently planning to introduce a central bank digital currency (CBDC). SNB Chief Economist Carlos Lenz made the comment during a recent press conference hosted by the Swiss Bankers Association.
According to a report by the Swiss business weekly Handelszeitung, Lenz said there is no necessity to create a digital franc because existing payment systems function effectively without a CBDC.
He explained: “This is not a production-level implementation. There is currently no project to introduce a central bank digital currency. The same applies to wholesale applications.” He stressed that ongoing CBDC research remains strictly exploratory and does not mean the SNB intends to develop a CBDC in the immediate future.
Lenz also compared the current rush to explore CBDCs to concerns that arose when the euro was launched. “We had similar discussions when the euro was introduced. People were worried that payments would suddenly shift to euros,” he said.
While some governments criticize cryptocurrencies, many still appreciate certain aspects of blockchain technology. Lenz, however, expressed skepticism about blockchain’s efficiency. “I do not think a decentralized solution is ideal,” he said.
Several central banks around the world are actively investigating how to design and deploy digital versions of their fiat currencies. One driver behind this interest is the competitive pressure from the rise of stablecoins, which has prompted central banks to consider issuing regulated digital alternatives.
China and a few other countries have advanced further in CBDC development. China, in particular, is conducting live trials of its digital yuan to assess performance and usability in real-world conditions.
For now, the SNB’s stance reinforces a cautious, research-driven approach: continue studying the potential benefits and risks of digital currencies, but make no immediate commitment to implementation until a clear need or significant advantage emerges for Switzerland’s payments landscape.