Neue Digitale Franken: Unser Geld der Zukunft?

Digitalization has fundamentally changed the money and payment systems landscape. Milestones such as the introduction of credit cards, ATMs and online banking have paved the way for present-day digital payment methods.

The study examines digital forms of money that could be used by the general public and depicted using blockchain or a similar
distributed ledger technology. The focus of the study is on four forms:

• Stablecoins: Stablecoins are issued by private actors on a blockchain or similar technology. Their value is stabilized with the aid of specific mechanisms. The study focuses on stablecoins from regulated issuers who stabilize their monetary value through protection with traditional assets (e.g. bonds). 

• Tokenized deposits: Tokenized deposits would be issued by commercial banks, which register (tokenize) the deposits of their clients on a blockchain or with a similar technology, and debit the conventional client account with the equivalent value.

• Retail central bank digital currency (retail CBDC): This form of currency would be issued in Switzerland by the Swiss National Bank (referred to below as “SNB”). Here the study focuses on an architecture in which retail CBDC would be put into circulation via financial intermediaries (similarly to cash).

• Synthetic CBDC: Synthetic CBDC is issued by private financial intermediaries and is rendered bankruptcy-proof with the aid of the SNB through protection provided in the form of central bank currency (as a form of officially covered, but privately issued stablecoins).

The interdisciplinary study evaluates the pros and cons of these four forms of digital money. It pays special attention to the distribution of tasks of the involved players and the applied technology. It analyses the opportunities and risks for the population, the state and the economy that could arise following the introduction of the cited forms of digital currency, as well as the consequences of their non-introduction, from various perspectives (societal, legal, technological, economic, political, ecological). The study also aims to provide the general public and politicians with factual information as the basis for more
detailed consultation and decision-making, as well as for formulating recommendations for action and initiating societal debate.