governance arrangements necessary to ensure the central bank's control. these and other questions need to be explored before we can make a decision on the introduction of swiss franc wholesale cbdc. instant payments and retail cbdc my remarks so far have focused on the role of central bank money in wholesale settlements. however, technological change also affects electronic retail payments made by individuals and businesses. as i have outlined, these retail payments are ultimately settled by transfers of central bank money between commercial banks, highlighting the critical function of central bank money as the monetary anchor. with this in mind, the snb has upgraded its payment system to strengthen the role of central bank money for retail payments. last november, we launched a new version of the sic payment system that substantially improves the way retail payments are processed. in the future, individuals and companies will be able to make payments to each other, from account to account, within seconds and around the clock. by late summer of this year, at least 50 banks, together responsible for some 98 % of retail payments in switzerland, will be able to receive and process instant payments. this also lays a foundation for competition between different payment instruments and for innovations such as programmable payments. 3 / 4 bis - central bankers'speeches some central banks are also exploring the issuance of a digital form of cash as a retail payment instrument. the snb currently sees no need in switzerland for such digital central bank money for the general public, also known as retail cbdc. consumers and businesses already have access to a wide range of efficient and innovative payment instruments offered by the private sector. retail cbdc could fundamentally alter the current monetary system and the role of central banks and commercial banks, with farreaching consequences for the financial system. from a swiss perspective, the risks of retail cbdc currently outweigh its potential benefits. conclusion ladies and gentlemen, allow me to conclude : technology is re - shaping the monetary system. i have argued that – irrespective of the technology used – central bank money must maintain its role as the anchor of the monetary system and serve as a safe settlement asset that can be used efficiently for payments between financial institutions. in order to achieve this, central banks must make sure that central bank money and central bank payment systems reflect technological advances. helvetia iii, the snb's pilot for swiss franc wholesale cbdc, and the introduction of instant payments with the new version of sic are two concrete examples. i look forward to exploring this

the eighth - series notes in the course of 2020. the old notes will page 3 / 4 berne, 12 december 2019 fritz zurbrugg news conference lose their status as legal tender from the date of recall, although it will still be possible to exchange them at the snb or at one of our agencies. the partial revision of the currency and payment instruments act ( cpia ), recently adopted by parliament, abolishes the previous deadline for exchanging banknotes with effect from 1 january 2020. it thus allows for banknotes from the sixth series, issued in 1976, and all subsequent series to be exchanged at any time. page 4 / 4