5/2/2023 0 Comments On to the next one quote![]() ![]() ![]() In October, SWIFT revealed that it had developed a solution that enables CBDCs to move between distributed ledger technology-based and fiat-based systems using the existing financial infrastructure. While there are more than 110 countries currently exploring the creation of a CBDC, “most are focusing primarily on domestic usage, which could lead to a fragmented landscape consisting of ‘digital islands,’” SWIFT warned. “Many participants have made clear their desire for continued collaboration on interoperability, and this is particularly pleasing.”Īchieving interoperability is one of the primary objectives for SWIFT as digital currencies rise in popularity and governments move to adopt CBDCs. “Our experiments have shown the critical role that SWIFT can play in a financial ecosystem in which digital and traditional currencies co-exist,” said Tom Zschach, Chief Innovation Officer at SWIFT. The goal of the testing was to determine if the API-based CBDC connector could meet the needs of the interbank communication service.īased on the findings, the central and commercial banks that participated in the trial have “expressed strong support for the solution’s continued development, noting that it enabled seamless exchange of CBDCs, even those built on different platforms.” The 12-week collaborative sandbox testing period saw almost 5,000 transactions simulated between two different blockchain networks and with existing fiat-based payment systems. ![]() (Kitco News) - The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has announced that its recent experiment testing out a solution that interlinks central bank digital currencies (CBDCs) was a success, with the 18 participating banks finding “clear potential and value” in the new system. Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter. ![]()
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