瑞士國家銀行（SNB）在推出數位瑞士央行票據方面採取謹慎態度

儘管瑞士國家銀行（SNB）正在大力開展中央銀行數位貨幣（CBDC）實驗，但最新報告表明

Banking regulator to adopt cautious approach in rolling out SNB Bills

銀行業監理機構將採取謹慎態度推出瑞士央行票據

The Swiss National Bank (SNB) is considering rolling out digital SNB Bills to be settled in wholesale central bank digital currencies (CBDCs), with early results indicating promise for participants. However, including the process in monetary policy may open a whole new can of worms for the SNB and other financial institutions in the country.

瑞士國家銀行（SNB）正在考慮推出以批發央行數位貨幣（CBDC）結算的數位瑞士央行票據，早期結果顯示參與者有希望。然而，將這一過程納入貨幣政策可能會給瑞士央行和該國其他金融機構帶來全新的麻煩。

The study involving digital SNB Bills forms part of Helvetia III, the third phase of the SNB’s pilot project involving using CBDCs for tokenized asset settlement. SNB Bills are short-term debt register claims issued by the SNB to absorb liquidity, reduce reserve volumes, and increase pressure on money market rates.

涉及數位瑞士央行票據的研究是瑞士央行試點計畫第三階段 Helvetia III 的一部分，該計畫涉及使用 CBDC 進行代幣化資產結算。瑞士央行票據是瑞士央行發行的短期債務登記債權，旨在吸收流動性、減少準備金量並增加貨幣市場利率壓力。

While operating in the same manner as the traditional offerings, digital SNB Bills rely on blockchain technology for its basic architecture, with the central bank identifying a streak of positives in addressing liquidity issues.

雖然與傳統產品的運作方式相同，但數位瑞士央行票據的基本架構依賴區塊鏈技術，央行在解決流動性問題方面發現了一系列積極的措施。

Issuing digital SNB Bills was a seamless process, strikingly similar to issuing digital bonds on the SDX platform, the central bank noted. Since the digital SNB Bills will be used for monetary policy, deploying it in Helvetia III is a step in the right direction, the central bank noted.

央行指出，發行數位瑞士央行票據是一個無縫過程，與在 SDX 平台上發行數位債券極為相似。央行指出，由於數位瑞士央行票據將用於貨幣政策，因此將其部署在 Helvetia III 中是朝著正確方向邁出的一步。

Despite the apparent difference in leaning on blockchain as the base layer, the digital SNB Bills still differed from their traditional counterparts in several ways. For starters, the central bank opted for a private placement for issuance, working with a close-ended group of participants rather than a wider group.

儘管在依賴區塊鏈作為基礎層方面存在明顯差異，但數位瑞士央行票據在幾個方面仍與傳統票據不同。首先，央行選擇私募發行，與封閉的參與者群體合作，而不是與更廣泛的群體合作。

Unlike the conventional SNB Bills Program, the SNB pegged the redemption period at seven days, and its auction was carried out outside the traditional electronic trading platform.

與傳統的瑞士央行票據計畫不同，瑞士央行將贖回期固定為7天，並且其拍賣是在傳統電子交易平台之外進行的。

However, the economic note reveals several glaring concerns associated with the full-scale implementation of the digital SNB Bills. Critics argue that the niche nature of blockchain-based markets and the absence of a deep pool of participants makes its use in monetary policy “premature.”

然而，經濟報告揭示了與全面實施數位瑞士央行法案相關的幾個明顯的擔憂。批評者認為，基於區塊鏈的市場的利基性質以及缺乏大量參與者使得其在貨幣政策中的應用「為時過早」。

“Ramping up such operations would also entail significant investment for the SNB, its counterparties as well as infrastructure providers and, in the current environment, stands in contrast to a lean monetary policy operational framework,” the report read.

報告稱：“加強此類操作還需要瑞士央行、其交易對手以及基礎設施提供商進行大量投資，在當前環境下，這與精幹的貨幣政策操作框架形成鮮明對比。”

The insights gained during the pilot will be key in assisting the central bank in rolling out regulations to integrate blockchain-based solutions for monetary policy in the coming months.

在試點期間獲得的見解將是協助央行在未來幾個月推出監管措施以整合基於區塊鏈的貨幣政策解決方案的關鍵。

SCB experiments with stablecoins in government regulatory sandbox

SCB 在政府監管沙箱中試驗穩定幣

Thai-based SCBX Group and its subsidiaries are exploring the viability of stablecoins in local and international settlements, leaning on the lessons gleaned from its Southeast Asian counterparts.

總部位於泰國的 SCBX 集團及其子公司正在藉鏡東南亞同行的經驗教訓，探索穩定幣在本地和國際結算中的可行性。

According to a report, SCB 10X, the fintech arm of the financial giant, is leading the stablecoin studies in partnership with its digital bank unit, Siam Commercial Bank. SCB 10X has developed a stablecoin pegged to the Thai Baht, dubbed THBX, which is designed to complement and not replace cash.

據一份報告稱，這家金融巨頭的金融科技部門 SCB 10X 正在與其數位銀行部門暹羅商業銀行合作，領導穩定幣研究。 SCB 10X 開發了一種與泰銖掛鉤的穩定幣，稱為 THBX，旨在補充而不是取代現金。

The stablecoin offerings come with a wallet solution for users dubbed the Rubie wallet, with company executives noting that the solutions have the blessings of financial regulators. Both offerings are part of a regulatory sandbox instituted by the Thai Securities and Exchange Commission (SEC) and the central bank.

這些穩定幣產品為用戶提供了一個名為 Rubie 錢包的錢包解決方案，該公司高層指出，該解決方案得到了金融監管機構的支持。這兩項產品都是泰國證券交易委員會（SEC）和中央銀行製定的監管沙箱的一部分。

SCB 10X CEO Mukaya Tai Panich disclosed to reporters that by participating in the sandbox, THBX will not be plagued by the usual frictions plaguing stablecoin offerings in the country. The CEO is eyeing a commercial launch in the coming months, but it remains unclear if the stablecoin will be used for local transactions.

SCB 10X 執行長 Mukaya Tai Panich 向記者透露，透過參與沙盒，THBX 將不會受到困擾該國穩定幣發行的常見摩擦的困擾。執行長計劃在未來幾個月內進行商業發布，但目前尚不清楚該穩定幣是否將用於本地交易。

“At SCB 10X, we believe that participating in BOT and SEC regulatory sandbox will be a significant move for financial innovation to global financial inclusion as well as the Thai digital asset ecosystem,” said Panich.

Panich 表示：“在 SCB 10X，我們相信參與 BOT 和 SEC 監管沙箱將是金融創新向全球金融普惠以及泰國數位資產生態系統邁出的重大一步。”

For now, the stablecoin can only be used by foreign participants at the Ethereum Devcon summit in Thailand with over 100 merchants approved to accept THBX. Early functionalities for THBX include QR codes, micropayment, and advanced programmability akin to Purpose Bound Money studies in Singapore.

目前，該穩定幣只能由泰國以太坊 Devcon 峰會上的外國參與者使用，已有 100 多家商家獲準接受 THBX。 THBX 的早期功能包括二維碼、小額支付和類似新加坡的用途綁定貨幣研究的高階可程式性。

“THBX is designed to provide international visitors with a seamless payment experience, and we are proud to be at the forefront of this transformation in Thailand’s digital economy,” added Panich.

Panich 補充道：“THBX 旨在為國際遊客提供無縫支付體驗，我們很自豪能夠站在泰國數位經濟轉型的最前沿。”

By soft launching THBX at Ethereum Devcon, any glitches will be easy to maneuver, given the tech-savvy nature of attendees of the developer conference. Furthermore, by limiting its use to foreigners, SCB 10X can stress test THBX’s cross-border capabilities before a commercial rollout.

考慮到開發者大會與會者對技術的精通，透過在以太坊 Devcon 上軟啟動 THBX，任何故障都將很容易解決。此外，透過限制外國人使用，SCB 10X 可以在商業推出之前對 THBX 的跨境能力進行壓力測試。

With safety and accessibility in mind, SCB 10X puts a premium on ease of use for foreigners keen on interacting with the stablecoin. Users simply have to download the SCB 10X Wallet and complete a Know Your Customer (KYC) process before swapping USDC for THE BX on InnovestX.

考慮到安全性和可訪問性，SCB 10X 非常重視熱衷於與穩定幣互動的外國人的易用性。用戶只需下載 SCB 10X 錢包並完成了解您的客戶 (KYC) 流程，然後即可在 InnovestX 上將 USDC 兌換為 BX。

After launching a digital asset sandbox in mid-2024, the local ecosystem in Thailand has been buzzing with activity. The nation recorded its first approved stable

自 2024 年年中推出數位資產沙盒以來，泰國當地的生態系統一直活躍起來。該國記錄了第一個批准的馬厩