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PostFinance, UBS, and Sygnum, are <a href="https://www.swissbanking.ch/de/medien/news/schweizer-banken-unterzeichnen-absichtserklaerung-um-die-machbarkeit-eines-gemeinsam-emittierten-schweizer-franken-buchgeld-tokens-zu-pruefen" rel="noopener noreferrer nofollow">looking into</a> a blockchain-based digital Swiss franc under Swiss Bankers Association. The project, dubbed &#34;Digital Currencies&#34; aims to revolutionize the financial sector of Switzerland. The banks will test a digital Swiss franc deposit token using a distributed ledger technology (DLT) and smart contracts.<h2 id="header-0">Creating a Digital Payment System</h2>The project centers on creating a deposit token based on a blockchain. This token serves like conventional bank deposits do. The Proof of Concept (PoC) will assess two primary uses. These are direct payments between banks and delivery against payment transactions with escrow. The deposit token combines the reliability of banking with the innovation of blockchain. Using DLT, the banks aim to enhance transaction speed, security, and cost-effectiveness.Related: <a href="https://cryptotale.org/bbva-swiss-branch-rolls-out-usdc-for-institutional-investors/" rel="noopener noreferrer nofollow">https://cryptotale.org/bbva-swiss-branch-rolls-out-usdc-for-institutional-investors/</a>A <a href="https://www.swissbanking.ch/_Resources/Persistent/7/b/8/9/7b89d3257c7fa974255a36d545849dc54aedba79/Deposit%20Token%20PoC_Memorandum%20of%20Understanding.pdf" rel="noopener noreferrer nofollow">memorandum of understanding</a> (MoU) guides the alliance. It describes how the banks create, run, and evaluate the PoC. Together PostFinance, UBS, and Sygnum will address legal, technical, and operational challenges. This cooperation seeks to assess the possibility for a more extensive digital franc deployment. The project considers factors like economic impact, regulatory needs, and operational risks. Per recents reports, completion of the PoC is expected by 2025.<a href="https://cryptotale.org/swiss-banks-collaborate-to-test-blockchain-based-swiss-franc/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Swiss Banks Collaborate to Test Blockchain-Based Swiss Franc

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