SWIFT plans to launch a new CBDC platform within 12-24 months to connect with existing financial systems

2024-03-26 12:07:48

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ChainCatcher news, according to Reuters, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) plans to establish a new platform in the next one to two years that will connect the central bank digital currencies (CBDCs) currently under development with the existing financial system. This initiative may be fine-tuned when the first major CBDCs are launched.

SWIFT's Chief Innovation Officer Nick Kerigan stated that its latest pilot lasted 6 months and involved 38 central banks, commercial banks, and settlement platforms, making it one of the largest global collaborations in CBDCs and "tokenized" assets to date.

The focus of the plan is to ensure that CBDCs from different countries can work together, even if built on different underlying technologies or "protocols," thereby reducing the risk of fragmentation in payment systems. It also indicates that CBDCs can be used for highly complex trade or foreign exchange payments and have the potential for automation, thereby speeding up processes and reducing costs.

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