SWIFT explores the advantages of a global CBDC network
Join Our Telegram channel to stay up to date on breaking news coverage The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has conducted an 8-month trial on multiple technologies and central bank digital currencies (CBDCs). The experiment conducted by SWIFT says that these monetary products could be used in supporting cross-border transactions and the global financial network. SWIFT explores a global CBDC network Earlier this year, SWIFT unveiled a program intended to link different CBDC systems and ease the process of cross-border settlements. At the time, the Chief Innovation Officer at the company, Thomas Zschach, said that the products had a “blind spot” and could facilitate easy transactions between countries. A press release from the company said that the trial period for SWIFT had ended. The matter proved that CBDCs could support international payments and their conversion into fiat if needed. The experiment conducted by SWIFT included ...