Socio-Economics History Blog

Socio-Economics History Blog

SWIFT Planning Launch of New Central Bank Digital Currency Platform in 12-24 Months

by mosesman
Swift logo is seen in this illustration taken, Bosnia and Herzegovina, February 25, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
  • SWIFT Planning Launch of New Central Bank Digital Currency Platform in 12-24 Months
    by , https://www.reuters.com/
    LONDON, March 25 (Reuters) – Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system, it has told Reuters.
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    The move, which would be one of the most significant yet for the nascent CBDC ecosystem given SWIFT’s key role in global banking, is likely to be fine-tuned to when the first major ones are launched.
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    Around 90% of the world’s central banks are now exploring digital versions of their currencies. Most don’t want to be left behind by bitcoin and other cryptocurrencies, but are grappling with technological complexities.
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    SWIFT’s head of innovation, Nick Kerigan, said its latest trial, which took 6 months and involved a 38-member group of central banks, commercial banks and settlement platforms, had been one of the largest global collaborations on CBDCs and “tokenised” assets to date.
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