-- As Credit Suisse spiraled toward insolvency early last year, a group of Swiss bankers, technocrats and regional officials were already busy laying the groundwork for a new type of financial infrastructure.Apple Won’t Roll Out AI Tech In EU Market Over Regulatory Concerns
“Switzerland is well known as one of the most important financial centers in the world, but we have lost time,” said Paolo Bertolin, deputy chief financial officer of the City of Lugano. The country’s financial sector “has been asleep,” he added. Settling and clearing financial transactions in a CBDC — as opposed to a private token — eliminates credit risk, according to the Swiss central bank. In the US, digital bonds issued so far have been settled in private digital tokens that don’t have the same safeguards as a central bank-backed currency.
CBDCs, meanwhile, have stoked controversy in many parts of the world amid fears they’ll erode privacy. In the US, presidential contender Donald Trump has said he’d “never allow” a central bank-issued digital dollar, saying it would represent “government tyranny.” The Federal Reserve has been hesitant to experiment with CBDCs.
Bertolin, who worked as a banker earlier in his career, said he isn’t sure whether the backing of a central bank explains the difference. But two decades of seeing Switzerland’s financial sector losing global clout — first through the erosion of banking secrecy and then the demise of Credit Suisse — has convinced him that rolling the dice on new technologies will be key to regaining that lost ground.
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