Swiss Franc become a new Cryptocurrency ;D

[goldblumandpartners]

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

https://goldblum.ch/news-and-media/swiss-franc-is-becoming-a-cryptocurrency

[_act_]

The Swiss National Bank is creating fiat. Both the fiat in digital form or the crypto one have the same value. The government of the countries that are creating CBD should look for other things that they want to use money for than looking for ways to deceive people that CBDCs are cryptocurrencies, they are not.

[LSDadventure]

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

https://goldblum.ch/news-and-media/swiss-franc-is-becoming-a-cryptocurrency

Many countries want and plan to build their Central Bank Digital Currencies CBDCs. Swiss is only one of those countries, not the only country.

https://cbdctracker.org/
https://www.atlanticcouncil.org/cbdctracker/
https://cbdctalks.com/

With the first website, you can use their table and sort countries by Announcement Year column.

[EarnOnVictor]

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

https://goldblum.ch/news-and-media/swiss-franc-is-becoming-a-cryptocurrency

Many countries want and plan to build their Central Bank Digital Currencies CBDCs. Swiss is only one of those countries, not the only country.

https://cbdctracker.org/
https://www.atlanticcouncil.org/cbdctracker/
https://cbdctalks.com/

With the first website, you can use their table and sort countries by Announcement Year column.

I believe the OP is not well-informed about the trend, this is no longer new, Switzerland is even late on the announcement and has nothing to do with true cryptocurrency. There are many countries planning the CBDC and are waiting for the implementation for the fear of it affecting businesses already in the payments sector.

To me, there is nothing any CBDC would do to keep your privacy as it's a centralised approach in which the government would be able to seize your assets both legally and illegally. No government would want to be out of the control of their creation, so it's better we don't expect anything intriguing from them.

[Jawhead999]

Not really give a big impact because Switzerland isn't EU and they're relatively a small country.

It will be a big move if one of EU or US launch their CBDC.

In addition Bahamas is the country which launch their own CBDC.

Many countries want and plan to build their Central Bank Digital Currencies CBDCs. Swiss is only one of those countries, not the only country.

Currently Nigeria is still the only one country which launch their own CBDC, thanks for the links.

[benalexis12]

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

https://goldblum.ch/news-and-media/swiss-franc-is-becoming-a-cryptocurrency

As far as I can see, this also has a negative impact because it will further push the concept of centralization, which will reduce the benefits that can be obtained from decentralization. I just don't know if other communities here know this.

But the positive impact that it brings is that it will reduce volatility, and it will also increase transparency through the cryptocurrency concept. Last but not least, adoption will also increase, and when that happens, its liquidity and utility will also for sure rise.

[coupable]

But the positive impact that it brings is that it will reduce volatility, and it will also increase transparency through the cryptocurrency concept. Last but not least, adoption will also increase, and when that happens, its liquidity and utility will also for sure rise.

I didn't understand how this could be a positive influence. It must be taken into account that this is not a shift in the interest of cryptocurrencies, since the concept will be used to change the color of the currency from its current form to a new form. Also, this change is to impose more control on the financial activities of citizens. I think it would be better for this to be discussed in the Swiss financial economy because it does not provide any interest to the crypto market.

[Lucius]

Not really give a big impact because Switzerland isn't EU and they're relatively a small country.

Switzerland may be a small country, but their GDP for 2022 was about $800 billion, which ranks them among the top 10 richest countries in Europe. Size is completely irrelevant in this context.

It will be a big move if one of EU or US launch their CBDC.

Most of the members of the European Union have a single currency called the Euro, and for years there have been plans by the ECB for a digital euro, in addition to which they mention restrictions up to a maximum of 300 digital euros per person. There's no big deal wherever it happens, because what's the difference when you pay with a bank card or use a CBDC app?

Central bank digital currencies are one of the most misunderstood things and have absolutely nothing to do with Bitcoin and will not bring about any kind of financial revolution. Sweden does not have a CBDC, but it is a country where 98% of all payments are made digitally.

[franky1]

Most of the members of the European Union have a single currency called the Euro, and for years there have been plans by the ECB for a digital euro, in addition to which they mention restrictions up to a maximum of 300 digital euros per person. There's no big deal wherever it happens, because what's the difference when you pay with a bank card or use a CBDC app?

Central bank digital currencies are one of the most misunderstood things and have absolutely nothing to do with Bitcoin and will not bring about any kind of financial revolution. Sweden does not have a CBDC, but it is a country where 98% of all payments are made digitally.

yep CBDC are mis understood. thats why its best people do their research.
firstly CBDC are not a single host server at central bank. but a ledger shared with commercial banks too. the central bank mint/pre-mine a currency and distribute it as reserves with commercial banks. (Pos/multisig ledger)

the commercial banks then serve their customers 'a layer' beneath this where the commercial banks hoard customer data. not central bank.

the commercial banks also have different 'account' ratings. where a base level account has a max saving/spend limit without KYC of small amount(like $300 per payment) but to do more value customers need to upgrade to a superier account offering more value facility but will require KYC

this base account, think of it like a virtual visa/giftcard account for small purchases. where as those wanting to pay actual larger amounts need a proper registered account

there are different levels of account needing different levels of KYC requirement

[hugeblack]

CBDCs do not differ much from the current monetary system, as they are money issued by central banks and have the same value and acceptability of payments, just as happens with cash, but in digital form, which reduces the fees and costs of printing and securing cash and is easier to distribute instead of the need to resort to banks and commercial finance to deliver money to citizens.
The Swiss National Bank is not the first central bank to think about this, but some banks have reached the experimental stage before launching the service, but I think it will be worse due to excessive centralization, lack of privacy and the possibility of easily freezing all your money and preventing you from spending it.

[franky1]

CBDCs do not differ much from the current monetary system, as they are money issued by central banks and have the same value and acceptability of payments, just as happens with cash, but in digital form, which reduces the fees and costs of printing and securing cash and is easier to distribute instead of the need to resort to banks and commercial finance to deliver money to citizens.
The Swiss National Bank is not the first central bank to think about this, but some banks have reached the experimental stage before launching the service, but I think it will be worse due to excessive centralization, lack of privacy and the possibility of easily freezing all your money and preventing you from spending it.

CBDC will make visa/mastercard redundant as would be ATM's and physical bank branches

CBDC wont remove payment services like chase, paypal, venmo and other banks. they will all be app based
yes i said it people are not signing up to a government app. they still sign up to commercial payment services apps.

commercial services still do the monitoring and data collection and send only the juicy/suspicious detail to authorities.

however yes policies and regulations can let private businesses share data

[o48o]

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

https://goldblum.ch/news-and-media/swiss-franc-is-becoming-a-cryptocurrency

Many countries want and plan to build their Central Bank Digital Currencies CBDCs. Swiss is only one of those countries, not the only country.

https://cbdctracker.org/
https://www.atlanticcouncil.org/cbdctracker/
https://cbdctalks.com/

With the first website, you can use their table and sort countries by Announcement Year column.

And like that link says, they are all either pilots or proofs of concepts. There are several different pilots launched all the time in the world, on several areas of economy. Most of them won't ever go pass the pilot stage. It could still take some time for right tech to emerge.

Oh yeah, there's one launched in Nigeria, but i don't have high hopes for that system to get adopted widely.

Also, digital fiat isn't necessarily cryptocurrency. In fact far from it. Likely it will be a travesty.

[Cryptomultiplier]

The swiss Franc becoming a new cryptocurrency might just be another launch of a CBDC for the host country.
I doubt it would be as decentralized as crypto currency currently is and since it is a legal tender, regulators would be bearing down on the side to monitor transactions and payments from individual users.
I don't know why government of several countries refuse to accept plain cryptocurrencies or BTC at worst. Perhaps because they have no control over it, and that's a why they introduced CBDC in various forms to discourage the growth and use of cryptocurrencies.

Funny enough is the fact that the swiss franc will be launched on the Blockchain network which has so far been the parent system for everything cryptocurrency and virtual reality related.

[TimeTeller]

The swiss Franc becoming a new cryptocurrency might just be another launch of a CBDC for the host country.
I doubt it would be as decentralized as crypto currency currently is and since it is a legal tender, regulators would be bearing down on the side to monitor transactions and payments from individual users.
I don't know why government of several countries refuse to accept plain cryptocurrencies or BTC at worst. Perhaps because they have no control over it, and that's a why they introduced CBDC in various forms to discourage the growth and use of cryptocurrencies.

Funny enough is the fact that the swiss franc will be launched on the Blockchain network which has so far been the parent system for everything cryptocurrency and virtual reality related.

There's no doubt, they would make it as decentralized. As for sure, it will be another CBDC, controlled by the government.
But this means that the government is already acknowledging the blockchain technology, though I believe, they are one of the early ones which accept the existence of crypto.
Government won't accept crypto or BTC because they are decentralized in nature, that's the main factor. They have no control about its circulation.
CBDC may pave the way for its citizen to know more about blockchain, cryptocurrencies among other things. So won't be bad to crypto market, as people will educate themselves about the difference of CBDC vs decentralized cryptocurrencies.

[DapanasFruit]

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

This is going to be the official entrance of the Swiss Franc into the realm of Central Bank Digital Currency (CBDC) which is more convenient for the many and the government to track on everything. Many central banks saw this opportunity so they are catching up. They want something like Bitcoin and yet they know it must still be under their control...as if hitting two birds with one stone. Now, as to the kind of financial future this trend portends I am leaving it here...whether it would be good or bad for the people in the long run.

[Lucius]

yep CBDC are mis understood. thats why its best people do their research.
~snip~

The average person does not want to research, but is informed in the mainstream media, which is of course owned (or influenced) by the same people who are trying to sell CBDC to people as some kind of cryptocurrency that should be superior to Bitcoin and the so-called stablecoins, which the authorities are actually afraid of the most (at least concerns the ECB).

The fact is that a well-packaged and well-presented story always has a great chance of being well received, and let's just remember how at one time Libra was advertised in the media as a "Bitcoin killer" even though one has absolutely nothing to do with the other.

[Renampun]

The Swiss National Bank has launched a program to digitally transform the Swiss Franc into Cryptocurrency.
Five banks are participating in the experiment, including UBS (Credit Suisse went bankrupt, as we know).

https://goldblum.ch/news-and-media/swiss-franc-is-becoming-a-cryptocurrency

In fact, CBDC can be very dangerous for the value of a country's currency. Just imagine, even the uncontrolled circulation of fiat money can cause the value of that country's currency to experience a very drastic decline, while with CBDC, governments can freely create units of their country's CBDC continuously and it is very likely that the amount will be unlimited, however, if the government is unable to limit the circulation of their money, it will be dangerous for the future of their country's money. However, the story would be different if the Swiss government withdrew their fiat money and allowed their circulating CBDC to be used by citizens.

[Fademigo]

CBDC are evil.
We have many concerns and risks that involves CBDCs and I would not call them "crypto" - they are just digital form of fiat money

Privacy concerns:
-CBDCs could compromise financial privacy as they would enable central banks to monitor transactions and track individuals spending patterns constantly 24/7 and than analyse it via AI so there's no freedom at all

Cybersecurity risks:
- CBDCs could be vulnerable to cyber attacks, which could lead to financial losses and instability, only bitcoin blockchain is 100% safe, other forms on internet can be hacked potentially so idk, 1 day you wake up and balance is 0

Reduced bank deposits:
- could lead to a reduction in bank deposits, which could affect the stability of the banking system

Programmable spending:
- CBDCs could enable governments to program spending, which could lead to restrictions on what people can buy and how much they can purchase. I mean, this is already happening with some apps, paypal is not far from this, Canada had protesters bank accounts blocked

I mean, when we speak about freedom already today without CBDC goverment can block your funds, imagine what can they do if they implement digital fiat money...
Anyway, CBDCs are all crypto is fighting against

[tabas]

I thought that Switzerland has been long into digital currencies.

In fact, CBDC can be very dangerous for the value of a country's currency. Just imagine, even the uncontrolled circulation of fiat money can cause the value of that country's currency to experience a very drastic decline, while with CBDC, governments can freely create units of their country's CBDC continuously and it is very likely that the amount will be unlimited, however, if the government is unable to limit the circulation of their money, it will be dangerous for the future of their country's money.

I think just as the fiat currencies, there's always the audit that needs to be done for the CBDCs. Actually, these countries don't really need this at all. They are just digitalizing the money that they have so that they think that they're in with the trend and to make their people think that they don't need Bitcoin because they have their own supported, government-back CBDC.

However, the story would be different if the Swiss government withdrew their fiat money and allowed their circulating CBDC to be used by citizens.

To wholly dispose their fiat money? If that is so, I don't think it will happen.

[Jawhead999]

Switzerland may be a small country, but their GDP for 2022 was about $800 billion, which ranks them among the top 10 richest countries in Europe. Size is completely irrelevant in this context.

True, they are one of the riches countries, but I think if we talk about adoption, isn't total number of user better than total amount?

There's no big deal wherever it happens, because what's the difference when you pay with a bank card or use a CBDC app?

Seems my post wasn't clear enough, "big move" in my previous post means the probability of other country to start launch their own CBDC as most of countries depend on US or EU moves.

I also aware and did post on somewhere if CBDC is nothing different with digital fiat, bank card, mobile banking or something similar.

The only difference is, the name.

Reduced bank deposits:
- could lead to a reduction in bank deposits, which could affect the stability of the banking system

CBDC is a bank product, so it's not going to affect the banks, more importantly banks is a way for them to make money.

I think the other thing you mentioned is also the banks characteristics.