Reddit Posts
Swiss National Bank tests digital franc
SNB Announces Plans To Launch Wholesale CBDC Pilot
What’s moving the markets TODAY 4/19/23 edition
Sounds So Untrue That The Swiss National Bank Owns No Bitcoin, Although The SNB Chairman Acknowledged That They Could Buy in the Future.
Swiss National Bank Owns No Bitcoin, but Could Buy in the Future, Chairman Says
Bitcoin is not a currency reserve yet: Swiss National Bank (SNB) Chairman
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The SNB Could Intervene As a result of Russia-Ukraine Disaster
SNB and BIS / CBDC Test successfully
Central Banks Of France And Switzerland Successfully Completed Testing Of Cross-Border Payments In Digital Euros And Swiss Francs
Central Banks of France and Switzerland announce successful trial of digital Euro, Swiss Franc
Mentions
No, the SNB sold assets to reduce the amount of CHF and thus increasing its value. Look at the M2 going down massively: https://tradingeconomics.com/switzerland/money-supply-m2
They have net cash inflows for obvious reasons, which pushes the value of the CHF compared to other fiats. SNB prints CFH in order to compensate for that (devalued CHF).
David Chaum is the founder of the XX Network. Their coin launched in 2022 I think. It's a smart contract L1 but with a Mix network attached to each node basically. And it's supposed to shred meta data. He worked with the BIS and SNB testing the mix network for privacy with CBDC's. The BIS is actually supposed to do a final report on it tomorrow I think.
He started the XX network. It’s coin launched last year and their focusing on privacy for CBDC’s and quantum resistance. They’re working with the BIS and SNB called project Tourbillon. Seems like a gem, it’s micro cap and most micro caps don’t work with the Bank of International Settlements.
He started XX Network in 2017 or something. It’s token just launched last year in the start of the bear. It’s an L1 focusing on privacy and their working on privacy for CBDC’s. Currently working with the BIS and SNB for their CBDC’s. They also just announced their connecting to the XRP Ledger for whatever that’s worth. Looks like they’re focusing on the CBDC narrative.
He founded the XX network. It’s a layer 1 blockchain that’s mainly a mix network (think TOR) but in decentralized form. It shreds metadata, and with this they’re trying to use it to bring privacy to CBDC’s. They’re working with the BIS and SNB on their CBDC’s. So I guess he’s at it again.
tldr; The Swiss National Bank (SNB) is set to launch a wholesale Central Bank Digital Currency (CBDC) pilot in collaboration with SIX digital exchange. SNB Chairman Thomas Jordan announced the development at the Point Zero Forum in Zurich, stating that the CBDC would be considered real money equivalent to bank reserves and not just an experiment. The project is expected to commence soon and run for a fixed time. The SNB has reservations about retail CBDCs, which are designed for general public use, and intends to maintain the use of cash regardless of its involvement with CBDCs. Switzerland will join the 18 other nations currently in the CBDC pilot stage. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Swiss National Bank (SNB) will launch a wholesale central bank digital currency (wCBDC) pilot project on the Swiss SIX digital exchange, according to bank chair Thomas Jordan. The project will run for a limited time and will use "real money". The SNB integrated a wCBDC into the back-office systems of five banks early last year as part of its Project Helvetia, which had previously completed a proof of concept for wCBDC. SNB governing board member Thomas Moser has previously said that CBDCs could work well with decentralized finance. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
"That was a pivot from the position expressed a year prior by SNB chief economist Carlos Lenz, who said blockchain was not a suitable platform for CBDC, and the country had not intention of issuing one." That makes me laugh.
Misleading - as the SNB bank is not interested in buying Bitcoin.
Buying Bitcoin now would be the move with the greatest foresight the SNB could make.
tldr; Swiss National Bank (SNB) Vice President Martin Schlegel said Bitcoin is an "interesting concept" in a TV interview. The statement implies that the SNB is curious about the technology and the potential use of Bitcoin. However, it does not mean that it supports or opposes BTC. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Swiss National Bank (SNB) plans to issue a real wholesale central bank digital currency (CBDC) on the SIX Digital Exchange (SDX) for a limited time. It is also exploring a private token backed by central bank reserves as a potential solution for settling financial transactions. The central bank avoided using the term ‘stablecoin’ but referred to a ‘private Swiss franc token money’ backed by sight deposits at the SNB. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
No, banks are mostly just middlemen. The can't create money out of nothing. Oversimplified, if you get a loan of 100k from a bank, the bank needs to get that money from somewhere, mostly customer deposits. So, depositor puts 100k into the bank (which therefore will no longer be part of the active economy) and borrower takes 100k out of the bank (thereby putting it back into the economy) The central banks (FED, SNB, ECB, etc.) can create money out of nothing, but thats a different and long story. And future money isn't as good as current money. Google time value of money. And if you don't believe me, I'd love to take a 100k loan from you and promise to pay you back 100k in 50years.
The Swiss federal government is committing to a 9b CHF loss guarantee for UBS. That amounts to a bit more than 1% of GDP. It's well possible that it won't he drawn against at all. The SNB is providing a liquidity line of up to $200b CHF. The latter is only relevant to tax payers if UBS would default on the debt as in that case the SNB would cease to pay a profit share to the government until that loss could be made up for.
Here we have a politic of separation between state and swiss national bank. The SNB is runned like a private company, make profit and loss and their goal is to make a stable CHF. If the SNB decide to give money they do, but it’s not the state telling them. So no, people do not really pay this as it comes from SNB treasury, that we can’t have anyways
I agree this is bad and bitcoin is fucking awesome but the article title and content is extremely misleading. As stated by another commenter - 'The Swiss are on the hook for a maximum of 9bn. But that's only if UBS makes losses beyond CS equity that was increased overnight by 17bn and only after UBS itself puts down 5bn. That's still around 1,000 swiss francs per citizen but nowhere near the amount quoted by Bloomberg which includes the credit line from the SNB, which are short terms loans at the current SNB rates+a Mark up that the finance minister says adds to 2.5%, but those don't come from the government.' Its bad but not €13,500 per citizen bad - more like €1,000 per citizen which is arguably not as bad as the financial cost of not bailing it out.
tldr; Swiss bank UBS Group has agreed to buy its competitor Credit Suisse for nearly $2 billion in a historic deal for the two biggest banks in Switzerland. The Swiss National Bank (SNB) committed to provide over $100 billion in liquidity line to USB as part of the deal. The deal was reportedly influenced by the SNB and the Swiss Financial Market Supervisory Authority (FINMA). *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
Credit suisse is pretty much property of the SNB, should be good , pretty sure I got this one covered spoke to my broker about it for a while my grandfather left me like 2,000 shares when he passed so I've been following this like a hawk
CS is solvent, otherwise SNB wouldn't have stepped in with liquidity offer. Doesn't mean it's a good idea for UBS to marry CS though.
tldr; Swiss National Bank (SNB) and Switzerland’s financial regulator reportedly believe that the acquisition of investment bank Credit Suisse by UBS is the “only option” to prevent a “collapse in confidence” in the Swiss bank. The SNB and the Swiss Financial Market Supervisory Authority (FINMA) are working to “reach regulatory agreement” by Saturday night, having reportedly told international counterparts that “they regard a deal” with U *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
**TL;DR** The Swiss National Bank (SNB) and Switzerland’s financial regulator reportedly believe that the acquisition of investment bank Credit Suisse by UBS, Switzerland's largest bank, is the “**only option**” to prevent a “**collapse in confidence**” in Credit Suisse. According to a March 18 Financial Times report citing three people familiar with the situation, Switzerland is preparing to use “emergency measures” to accelerate the takeover by UBS of Credit Suisse, in an effort to finalize the acquisition **before markets open on Monday**.
They did it again,. SNB three days after the Fed.
tldr; The Swiss National Bank (SNB) on Wednesday said that Credit Suisse is currently well capitalized and that the central bank will provide additional liquidity if necessary. The central bank also said that the failure of two U.S. regional banks in the past week does not pose a "direct risk of contagion" to Swiss banks. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
There are a lot of moonboys here who think we are going to experience the pump as per the charts. But, the macro-environment suggests otherwise; SNB just posted their biggest loss in 116 years; globalization working in reverse; the bank of Japan losing control, and what not.
SNB is not a normal bank, it’s a central bank. A bank for swiss banks. They don’t loose money because russian don’t pay them, their balance sheet dropped because the stock market did. The SNB hold billions of shares of Apple and many companies.
Indeed, but it’s their own choice and not a political decision. I like that politics don’t interfer with our SNB, which make CHF different from other fiats
Well the SNB do give money to the state. Last year 5 billions if I remember and 2/3 for cantons and 1/3 for fed state.
SNB is buying every other currency and selling CHF on markets (billions per billions) to keep its national currency below its real value.
Chaum is one of the oldest cypherpunks, listen to the unchained podcast with him and Adam Back, he basically won the Cryptowars in the 80s, cool guy although maybe a bit self centered He recently (2021) worked with the BIS (Global Central Bank) and the SNB (Swiss National Bank) on how they could use eCash to issue a token-based CBDC („How to issue a CBDC“) ->has very strong privacy Very interesting to look into, you want a CBDC done the Chaum way (theirs is not to replace cash but to augment it) ->btw there are swiss people working on a OpenSource solution for digital coins (not crypto!) called GNU Taler, they worked with the coauthor of Chaum‘s Paper (Thomas Moser) His eCash 2.0 (2022) paper has even an offline payment option
Actually, it’s what stopped swiss currency to pump more than it did. If it had pumped too much, swiss exportation would have gone down and the real economy of the country would have suffered. Here (I am swiss), we see a small inflation but nothing like in EU or USA. I think the benefit for economy that the bank lost money is not for the worst. We’ve been struggling to keep our currency low to allow exportation. Also, state is totally separated from the bank. So if the bank looses money, it doesn’t impact our politics nor our budget. What SNB earns if for SNB, and what they loose is for them as well. I still agree we should make our bank have BTC equity to back our currency. I would not be surprised to see a referundum next bull run. Btw, every swiss franc is backed by stock or gold or something, or … by other fiat so, why not some hard money?
There is to say that most of the losses are from holding stocks. But I think switzerland is pretty open about crypto in general we will not be the last. I bet 2026 will be the first year were the SNB buys BTC.
tldr; Swiss National Bank (SNB) posted an annual loss of 132 billion Swiss francs ($143 billion) in 2022, the biggest in its 115-year history as falling stock and fixed-income markets hit the value of its share and bond portfolio. A strengthening Swiss franc also had a negative impact. The only positive was the SNB's gold holdings which stood at 1,040 tonnes at the end of 2021. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Credit suisse is to big to fail for our country, like in 2008 with UBS, the goverment will help them with tax money... And we are not a chocolate land, you in NA don't know a lot of the other side of the world. Dont think you are the world with 500milliom people, they are 6.5billion people against you in NA. As sample: ECB,SNB and RBI work on a state coin for Europe,Switzerland and India As Sample, ZUG and Lugano work with some Crypto Chains Ethereum has his big part in Switzerland and so on Crypto is more accept in Europe then in NA, what i See.... The golden age of U.S. and Canada are gone....
Go to the data site of the SNB, look for total balance sheet and divide the GDP by this number. It's around 125% for this year.
Every buyer can pump up the price, it just depends on the amount of his funds. A central bank could print money and buy Bitcoin like they buy stocks nowadays, e.g. BoJ or SNB. Why not?
tldr; The Swiss National Bank (SNB) is against buying and holding Bitcoin as of now and is on a waitlist to be included in the bank’s balance sheet as a currency reserve. The bank currently holds 937 billion in foreign currency investments and has kept its word of ESG investing by reducing investments in energy and fossil fuel companies. Bitcoin is also called out for its expensive mining activities. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Swiss National Bank (SNB) is against buying and holding Bitcoin as of now and is on a waitlist to be included in the bank’s balance sheet as a currency reserve. The bank currently holds 937 billion in foreign currency investments and has kept its word of ESG investing by reducing investments in energy and fossil fuel companies. Bitcoin is also called out for its expensive mining activities. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Swiss National Bank (SNB) Chairman Thomas Jordan has said the apex bank does not consider Bitcoin a good option as a reserve currency. Jordan disclosed that purchasing Bitcoin was not an issue for the central bank. He added that the bank could gain exposure to the digital asset directly or indirectly. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Bitcoin Suisse is the leading Crypto Company in Switzerland and has been around since 2013. Their ads are all over the place - on trams, on bus stops - first thing you see coming out of the doors when getting your bags leaving that door where your family waits for you - or noone you lonely fool. Crypto is growing so fast in Switzerland its insane. Zug and Zurich got Bitcoin, Crypto and DLT companies popping up left right and center - regulation is great on it and the politics are very positive towards it. I have been saying to my friends that I would not be surprised to see the SNB put some BTC on their balance sheet sooner rather than later. Source: I've lived in Zurich for 8 Years now
I live in switzerland and really the only reason that swiss francs dont make it onto the list is their artifical money policy. Instead of holding their exchange rate at a fixed level compared to EURO like it was until 2015, they decided to raise interest rates for bonds. Swiss franc has the most stable inflation amogst all other fiat currencys but their initial interest rate is artificially set too high by the SNB (Swiss national Bank) making it unattractive to hold. This is essential for the swiss economy because the franc wasnt designed to serve as a reserve currency but a stable root for the economy. Im glad that they didnt just print money like the the FED, this wouldve steered the whole country into chaos.
He saiys, because its a important point at the World Economie Forum {WEF} in Davos. Because of Omicron it will be in summer, normally end of January. RBI (Reserve Bank India) SNB (Swiss National Bank) BIS and some other big financ players will discuss about Crypto (how we know) and CBDC. There are leaked some informmation about it. Greets from 🇨🇭
Your Daily Dose of Crypto : • Bitcoin dominance: 39.96% (-0.09%) • Cryptocurrency market cap: 2.016 Trillion Dollars (-3.00%) • BTC average transaction fee: $1.67 ( -8.8%) • ETH average gas Price: 166.67 Gwei (-14.53%) • Electric carmaker Tesla is testing a previously teased Dogecoin (DOGE) payment option, according to its website's source code. • Block, formerly known as payments company Square, is going ahead with its plan to build an open-source bitcoin mining system • Financial management firm Kling Trading and FinTech conglomerate Cosmea Financial Holdings have teamed up to apply for Bitcoin and Ethereum futures exchange-traded funds on India INX, international exchange and a subsidiary of BSE. • North Korean cybercriminals launched at least seven attacks against cryptocurrency platforms last year. These attacks, per blockchain analytics firm Chainalysis, netted almost $400 million worth of digital assets. • Electric carmaker Tesla is testing a previously teased Dogecoin (DOGE) payment option, according to its website's source code. • The Swiss National Bank (SNB) has successfully tested the integration of a wholesale central bank digital currency (CBDC) settlement with commercial banks. • The Iota Foundation, which oversees developments in the namesake Internet-of-Things transactions blockchain (IOTA), announced that it had been selected as one of five contractors by the European Commission to develop blockchain and distributed ledger technology in the region. • Crypto exchange Gemini announced Thursday that it has acquired BITRIA (formerly Blockchange), a crypto portfolio management platform for financial advisors and asset managers. • Congress is officially looking into the environmental impact of blockchain, especially proof-of-work networks like Bitcoin. • The NEAR Foundation has closed a $150 million funding round less as it looks to become the hub of an open web3. • Canadian startup Conduit has raised $17 million in a funding round led by Portage Ventures, according to a statement.
Or even go to the source: [SNB press release](https://www.snb.ch/en/mmr/reference/pre_20220113/source/pre_20220113.en.pdf)
Need to mention Switzerland holds the most gold per capita, about 1000 tonnes of gold is held by the SNB for a population of about 8.5 million people. Also 60-70% of the worlds foundries and refineries for gold are located in Switzerland. And lastly, Switzerland is very crypto friendly and very smart.
SNB, one of the biggest holders of Apple for example. Good move!
This has a 0% chance. First, you can bring every inititative in for a vote as soon as you have 100‘000 signatures. Then there is a vote. There will be lots of marketing and anti-marketing and I am sure that the SNB, which is highly regarded and trusted in Switzerland, will make the strong case that it is nonsense. So yes, it‘s great to see this but pls dont think that this initiative will be successful, it wont be.
Yes, the reason was the strength of the Swiss Franc compared to the Euro, as investores use the Swiss Franc as a go to save haven. They are affraid the strong swiss franc would kill our economy. I disagree on that but that's what they think. About a year later they had to give up on the experiment and let the Swiss Franco go, As a result it dropped by 20% overnight. Now what the SNB still has is tons of Euros that they bought to strengthen the Euro.They have invested those Euros in the stock market mainly big tech (Apple etc..) Their balance sheet exploded and is now way above the GDP. The SNB holds some 1000tons of Gold after they sold about 1300tons in 2005 when the Gold price was around 400Dollars. Since then they refused to buy Gold again.
Well, money printing comes at a price and compared to the US I guess Swiss are still angels. I'd say the printing was done for a different reason than in the US? Not really sure what the reason for the SNB is anyway, something to do with the Euro? At least the currency is still backed by gold to some degree I think?
Why? Don't the SABB cards already give nearly the same amount of cashback? The SNB cards here in Saudia gives 1.5% in cashback or in Alfursan Miles. Just research a bit about your bank.
tldr; The Swiss National Bank (SNB) is not planning to introduce a central bank digital currency, according to a report in the Swiss weekly business publication Handelszeitung. The SNB's chief economist Carlos Lenz said there is no need for a digital franc because the current payment system works well without one. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
The central banks of Switzerland and France have joined forces with commercial banks to experiment on a wholesale cross-border digital currency, according to a statement. [UBS Group AG](https://www.bloomberg.com/quote/UBSG:SW), [Credit Suisse Group AG](https://www.bloomberg.com/quote/CSGN:SW), [Accenture Plc](https://www.bloomberg.com/quote/ACN:US) and [Natixis SA](https://www.bloomberg.com/quote/KN:FP) are among the private-sector players involved. The effort was launched under the auspices of the innovation hub at the Bank for International Settlements. The project will look at cross-border settlement of two wholesale central-bank digital currencies, including the exchange of a financial instrument against a euro CBDC. “The G20 has made enhancing cross-border payments a priority,” BIS Innovation Hub head Benoit Coeure was quoted as saying. “This experiment contributes to this work by exploring how wholesale CBDC could enhance speed, efficiency and transparency in cross-border use cases.” The SNB and the Bank of France stressed the trial shouldn’t be regarded as a commitment to issuing a wholesale digital currency. Pretty cool stuff. Hope it's a success and leads to wider adoption.
Ever watched the FX market when Powell or Lagarde speak? Check out EUR/CHF when the SNB got rid off the 1.20 cap. Check out Gold whenever rate decisions are made.
Please stop using the word 'private' for the federal reserve. It is a governmental created hybrid and the US Congress (together with the US President) decide who the Chairman of the Federal Reserve is. It is a corrupt monopoly created by the Federal Reserve act of 1913, passed by Congress. Also, you cannot trade stocks for it and I am not aware who 'owns' the Federal Reserve. It is an unlimited fiat supplier for the bank cartel. An interesting example is the Swiss National Bank (SNB). You can buy stocks from this central bank; but again, this does not make it 'private'. There are laws and rules and it also is a governmental creation. Again, a created hybrid faking money.
at that rate, bitcoin would over take the mighty CHF (swiss franc), last major currency to leave the gold-standard. last chance SNB - referendum to be first in the bitcoin standard.