Connect with us

Hi, what are you looking for?

Economy

SWIFT to Launch CBDC Platform in 2025-26: Report

SWIFT, the global messaging network used by banks, service providers, clearinghouses, corporate business houses, brokers, is planning to launch a new platform to connect central bank digital currencies (CBDCs) in the next one to two years, according to a Reuters report citing the firm’s head of innovation, Nick Kerigan.

Central banks around the world are tinkering with their own CBDCs and the race for who will launch a digital currency has a geopolitical component to it.

China has a digital yuan in the works and has been trialing the currency for many years. The Bahamas, Nigeria and Jamaica already have CBDCs. Sweden’s Riksbank recently released its final report on its CBDC, the e-Krona, and the European Central Bank is developing the digital Euro too.

SWIFT’s Trials and Roadmap to Launch New Platform


“We are looking at a roadmap to productize (launch as a product) in the next 12-24 months,” Kerigan told the newswire in an interview. “It’s moving out of experimental stage towards something that is becoming a reality,” added Kerigan.

Kerigan explained in SWIFT’s latest platform trial it took six months and involved a 38-member group of central banks, commercial banks and settlement platforms, all collaborating on national digital currencies.

The trial was focused on making sure that all the different countries’ CBDCs can all be used together even if built on different underlying technologies and this in turn would reduce payment system fragmentation risks.

The timeframe set out by SWIFT could change if CBDC launches around the world are delayed but for now the global payments firm is developing a new platform.

Bank of International Settlements CBDC Plans

In January the Bank of International Settlements (BIS) unveiled that its CBDC project is entering a new phase this year. The BIS’s ‘Aurum’ project is exploring “the privacy of payments in retail CBDCs.” — BIS said this is one of the first six projects for 2024 being developed under its Innovation Hub work programme.

The BIS is also working on Project mBridge, a multi-CBDC common platform for wholesale cross-border payments. In September, BIS and central banks of France, Singapore, and Switzerland announced a successful testing of cross-border settlement for wholesale-CBDCs. Project Mariana, tested and demonstrated the frictionless transfer of CBDCs across the different networks.

The post SWIFT to Launch CBDC Platform in 2025-26: Report appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

A recent report from SoSoValue shows significant movements in the Bitcoin exchange-traded funds (ETFs) market, mainly focusing on the outflows observed in Grayscale’s Bitcoin Trust (GBTC)...

Economy

Clearstream, Deutsche Börse’s post-trade business is investing an undisclosed amount in the fintech start-up Digital Vault Services (DVS). Deutsche Börse, one of Europe’s biggest...

Economy

According to a CoinDesk report, OKX, the world’s second-largest cryptocurrency exchange by trading volume, has lost two of its top executives, Tim Byun and...

News

The foreign aid plan Speaker Johnson, R-La., unveiled on Monday night is already facing a growing red wave of opposition from his own colleagues...

News

Russian President Vladimir Putin joined international calls for cool heads in the Middle East as tensions remain high following Iran’s unprecedented attack on Israel...

News

A nonprofit founded and funded by liberal billionaire George Soros funneled a massive eight-figure sum into a prominent liberal super PAC that bankrolls several...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.