瑞士国家银行（SNB）在推出数字瑞士央行票据方面采取谨慎态度

尽管瑞士国家银行（SNB）正在大力开展中央银行数字货币（CBDC）实验，但最新报告表明

Banking regulator to adopt cautious approach in rolling out SNB Bills

银行业监管机构将采取谨慎态度推出瑞士央行票据

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.

瑞士国家银行（SNB）正在考虑推出以批发央行数字货币（CBDC）结算的数字瑞士央行票据，早期结果表明参与者有希望。然而，将这一过程纳入货币政策可能会给瑞士央行和该国其他金融机构带来全新的麻烦。

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.

涉及数字瑞士央行票据的研究是瑞士央行试点项目第三阶段 Helvetia III 的一部分，该项目涉及使用 CBDC 进行代币化资产结算。瑞士央行票据是瑞士央行发行的短期债务登记债权，旨在吸收流动性、减少准备金量并增加货币市场利率压力。

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.

虽然与传统产品的运作方式相同，但数字瑞士央行票据的基本架构依赖于区块链技术，央行在解决流动性问题方面发现了一系列积极的措施。

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，发行数字瑞士央行票据是一个无缝过程，与在 SDX 平台上发行数字债券极为相似。央行指出，由于数字瑞士央行票据将用于货币政策，因此将其部署在 Helvetia III 中是朝着正确方向迈出的一步。

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.

尽管在依赖区块链作为基础层方面存在明显差异，但数字瑞士央行票据在几个方面仍与传统票据不同。首先，央行选择私募发行，与封闭的参与者群体合作，而不是与更广泛的群体合作。

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.

与传统的瑞士央行票据计划不同，瑞士央行将赎回期固定为7天，并且其拍卖是在传统电子交易平台之外进行的。

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，经济报告揭示了与全面实施数字瑞士央行法案相关的几个明显的担忧。批评者认为，基于区块链的市场的利基性质以及缺乏大量参与者使得其在货币政策中的应用“为时过早”。

“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.

报告称：“加强此类操作还需要瑞士央行、其交易对手以及基础设施提供商进行大量投资，在当前环境下，这与精干的货币政策操作框架形成鲜明对比。”

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.

在试点期间获得的见解将是协助央行在未来几个月推出监管措施以整合基于区块链的货币政策解决方案的关键。

SCB experiments with stablecoins in government regulatory sandbox

SCB 在政府监管沙箱中试验稳定币

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.

总部位于泰国的 SCBX 集团及其子公司正在借鉴东南亚同行的经验教训，探索稳定币在本地和国际结算中的可行性。

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.

据一份报告称，这家金融巨头的金融科技部门 SCB 10X 正在与其数字银行部门暹罗商业银行合作，领导稳定币研究。 SCB 10X 开发了一种与泰铢挂钩的稳定币，称为 THBX，旨在补充而不是取代现金。

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.

这些稳定币产品为用户提供了一个名为 Rubie 钱包的钱包解决方案，公司高管指出，该解决方案得到了金融监管机构的支持。这两项产品都是泰国证券交易委员会（SEC）和中央银行制定的监管沙箱的一部分。

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 首席执行官 Mukaya Tai Panich 向记者透露，通过参与沙盒，THBX 将不会受到困扰该国稳定币发行的常见摩擦的困扰。首席执行官计划在未来几个月内进行商业发布，但目前尚不清楚该稳定币是否将用于本地交易。

“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，我们相信参与 BOT 和 SEC 监管沙箱将是金融创新向全球金融普惠以及泰国数字资产生态系统迈出的重大一步。”

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，该稳定币只能由泰国以太坊 Devcon 峰会上的外国参与者使用，已有 100 多家商户获准接受 THBX。 THBX 的早期功能包括二维码、小额支付和类似于新加坡的用途绑定货币研究的高级可编程性。

“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 补充道：“THBX 旨在为国际游客提供无缝支付体验，我们很自豪能够站在泰国数字经济转型的最前沿。”

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.

考虑到开发者大会与会者对技术的精通，通过在以太坊 Devcon 上软启动 THBX，任何故障都将很容易解决。此外，通过限制外国人使用，SCB 10X 可以在商业推出之前对 THBX 的跨境能力进行压力测试。

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.

考虑到安全性和可访问性，SCB 10X 非常重视热衷于与稳定币互动的外国人的易用性。用户只需下载 SCB 10X 钱包并完成了解您的客户 (KYC) 流程，然后即可在 InnovestX 上将 USDC 兑换为 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 年中推出数字资产沙盒以来，泰国当地的生态系统一直活跃起来。该国记录了第一个批准的马厩