The chairman of the Swiss National Bank, Thomas Jordan, stated that the central bank does not see a need to issue a central bank digital currency (CBDC) for public retail use, despite potential benefits of a wholesale CBDC version. He argued the existing financial system already offers efficient and innovative private sector payment methods, making a retail CBDC unnecessary.

However, Jordan expressed concerns that retail CBDCs could significantly disrupt the established monetary system and relationship between central and commercial banks, potentially having far-reaching destabilizing consequences. He believes the disadvantages likely outweigh any benefits.

In contrast, the SNB views wholesale CBDCs designed for interbank transactions more favorably. It has conducted a successful pilot project, Helvetia III, exploring using a wholesale CBDC to settle bond issuances and tokenized assets between major banks. Jordan cited efficiency and security benefits, though some operational details still need addr while skeptical of retail CBDCs, the SNB recognizes broader tokenization trends and is considering using a wholesale CBDC franc to settle some monetary policy operations.

The central bank has also upgraded its interbank system to facilitate instant retail payments by summer 2024, providing a basis for new payment instruments.