Swiss National Bank open to expanding digital currency project

The Swiss National Bank is open to expanding its pilot project with wholesale central bank digital currencies, governing board member Antoine Martin said on Wednesday.

"We would like to see a pilot which develops, with more banks joining and a higher volume of transactions," Martin told the Point Zero Forum event in Zurich.

The SNB will continue providing a wholesale central bank digital currency (CBDC) for at least two more years, it said last month, extending a pilot called Project Helvetia III which began last year.

Six banks, including UBS and Commerzbank are already taking part in the project which has seen six digital bond issuances for a total value of 750 million Swiss francs ($830.38 million).