in CBDC Adoption, Central Bank Digital Currencies (CBDC), European Union (EU), Markets, Markets in Crypto-Assets (MiCA), SWIFT

SWIFT Trial Demonstrates How Global CBDC Can Become Reality

by Repost Admin October 5, 2022, 12:43 pm 1000 Views

Plans to create a global central bank digital currency (CBDC) network are on the horizon following eight months of testing by SWIFT.

The Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT, has been looking at ways to make CBDCs work globally, making them compatible with regular currencies.

Belgium-based SWIFT, which operates a global financial messaging system, said it would be experimenting with different technologies and currencies for cross-border payments earlier this year.

Both Germany and France’s central banks took part in the tests, along with banks like HSBC, Standard Chartered and UBS.

As the race to stay competitive steps up a gear, almost 90% of the world’s central banks are looking at how they