A SWIFT, a global banking messaging network, plans to launch a new platform in the next one to two years to connect central bank digital currencies to the existing financial system. Thus, around 90% of central banks are exploring digital versions of their currencies so as not to fall behind cryptocurrencies. In this way, the objective is to ensure that you can use the CBDCs of different countries together, reducing the risks of fragmentation of the payment system.
The last test of SWIFT involved a group of 38 members from central banks, commercial banks and settlement platforms. The results were a success, giving the SWIFT a work schedule to launch the product in the next 12-24 months. The company hopes to maintain its dominance in the global banking network, which currently connects more than 11,500 banks and funds.
SWIFT – history
A SWIFT has become better known since 2022, when it cut off most of the banks in the Russia of its network as part of Western sanctions for the invasion of Ukraine. Its latest test involved central banks in Germany, France, Australia, Singapore, Czech Republic It is Thailandin addition to commercial banks such as HSBC, Citibank It is Deutsche Bank.
Once the interconnection solution expands, banks will have a single global connection point to handle digital asset payments. In addition to CBDCs, SWIFT points to a prediction by the Boston Consulting Group (BCG) that by 2030 around US$16 trillion in assets could be “tokenized”. The company sees this as a scalable option for the financial industry.
Source: Atrevida
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
