Switzerland to Give its Central Bank Monopoly on Money Creation
The Swiss federal government confirmed on December 22 that it will hold a referendum to determine the authority of commercial bank in the country in creating money. The announcement of the government followed a campaign led by the Swiss Sovereign Money movement known as the Vollgeld initiative which presented a successful petition signed by more than 110,000 individuals requesting the government to give the central bank the sole power and authority to create money in the financial system. The campaign of the Swiss Sovereign Money was qualified as a Popular Initiative, one feature of....
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Bank of France, the Swiss National Bank (SNB), and the Bank for International Settlements have successfully tested the application of wholesale central bank digital currency in cross-border payments. The project used distributed ledger technology and was realized with help from private firms.
France and Switzerland Explore Direct Transfer of Euro, Swiss Franc Wholesale Digital Currencies
An experiment carried out by the monetary authorities of France, Switzerland and the Bank for International Settlements (BIS) has indicated that central bank digital currencies (CBDCs) can be....
Money creation may well be the biggest economic issue of our times. The way that new money is created has a massive impact on our entire economy and, in fact, it would not be an exaggeration to suggest that it is the defining characteristic of our economic system. Across the world, in all of the major economies, money creation is dominated by banks. Despite the fact that 'fiat money' - the dollars, pounds or euros in our pockets - is backed by our governments as the official currency we are supposed to use, the government has no involvement in its creation. This comes as a surprise to many....
Why a Monopoly on Money is Bad! In March of this year, The Economist, publishedan article entitled: Prophets for Today. This article discussed the relative merits of the works of those two great economic heavyweights of the twentieth century: John Maynard Keynes (1883-1946) and Friedrich Hayek ( 1899-1992). In his book Denationalisation of Money (1976), Hayek undertook a deep analysis of the theory and practice of concurrent currencies and concluded: "It is an extraordinary truth that competing currencies have until quite recently never been seriously examined. There is no answer in the....
The central banks of Switzerland and France are joining hands with the Bank for International Settlements to test wholesale central bank digital currencies in cross-border transactions. The experiment will be conducted with the help of a private sector consortium led by Accenture. European Central Banks to Collaborate on CBDC Project The Swiss National Bank (SNB), Banque de France, and the Bank for International Settlements (BIS) Innovation Hub have announced this week they’ll cooperate on trials exploring the use of wholesale central bank digital currencies (CBDCs) for cross-border....