2024

Bank AI

<a href="https://bitcoinworld.co.in/swift-to-launch-cbdcs-platform-in-2025-26/" title="SWIFT To Launch CBDCs Platform in 2025-26" rel="nofollow"></a>
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 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.&nbsp; 
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. 
<h3 id="span-style-font-weight-400-swift-s-trials-and-roadmap-to-launch-new-platform-span">SWIFT’s Trials and Roadmap to Launch New Platform</h3> 
“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.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/us-sanctioned-13-crypto-firms-for-alleged-involvement-with-russian-banks/" aria-label="“US Sanctioned 13 Crypto Firms For Alleged Involvement With Russian Banks” (Edit)">US Sanctioned 13 Crypto Firms For Alleged Involvement With Russian Banks</a> 
“It’s moving out of the 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. 
<h3 id="span-style-font-weight-400-bank-of-international-settlements-cbdc-plans-span">Bank of International Settlements CBDC Plans</h3> 
In January the Bank of International Settlements (BIS) unveiled that its CBDC project is entering a new phase this year.&nbsp; 
The BIS’s ‘Aurum’ project is exploring “the privacy of payments in retail CBDCs.” — BIS <a href="https://www.bis.org/about/bisih/about.htm">said</a> this is one of the first six projects for 2024 being developed under its Innovation Hub work programme. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/binance-is-not-paying-its-taxes-in-multiple-jurisdictions-cnbc-reporter/" aria-label="“‘Binance Is Not Paying Its Taxes In Multiple Jurisdictions,’ – CNBC Reporter” (Edit)">‘Binance Is Not Paying Its Taxes In Multiple Jurisdictions,’ – CNBC Reporter</a> 
The BIS is also working on Project mBridge, a multi-CBDC common platform for wholesale cross-border payments.&nbsp; 
In September, BIS and central banks of France, Singapore, and Switzerland announced a successful testing of cross-border settlement for wholesale-CBDCs.&nbsp; 
Project Mariana, tested and demonstrated the frictionless transfer of CBDCs across the different networks. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
#Binance #WRITE2EARN 
&nbsp; 
The post <a href="https://bitcoinworld.co.in/swift-to-launch-cbdcs-platform-in-2025-26/">SWIFT To Launch CBDCs Platform in 2025-26</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

SWIFT To Launch CBDCs Platform in 2025-26

Table of Contents

ItsBitcoinWorld

Other articles published on Mar 27, 2024

Price Predictions for Litecoin and AXS: Expert Calls Rebel Satoshi ($RBLZ) a Zero-IQ Opportunity ...

DOGE price prediction as Dogecoin chart makes waves on social media

Next Crypto to Hit $1: Is Pikamoon the New Axie Infinity?

Russia’s finance minister stresses the importance of crypto regulation

Arbitrum Foundation and Azuki Forge Alliance for Web3 Anime Experience

KuCoin Fate Similar To FTX? Here’s What CryptoQuant CEO Says

Join our free newsletter for daily crypto updates!