The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has recently announced their plans to launch a central bank digital currency system, set to release roughly a year from now.
SWIFT is the largest international banking network that facilitates transactions and interbank lending between nations. It connects over 11,500 banks and institutions in more than 200 countries and manages trillions of dollars’ worth of transactions per day.
In more recent years it has been used a cudgel to sanction countries such as Russia, prohibiting a number of Russian entities from transferring and receiving money through the network.
In a press release published on March 25th, SWIFT said that they worked with “38 global institutions on the second phase of sandbox testing” on their CBDC system, claiming this is “one of the largest known CBDC experiments to date.”
SWIFT claims their “experiments found that our interlinking solution has the potential to simplify and speed up trade flows, unlock growth in tokenized securities markets, and enable efficient FX settlement. And this, all while allowing financial institutions to make use of their existing infrastructure.”
In conclusion, SWIFT says “we plan to extend our solution to support a wider range of emerging digital networks, in addition to CBDCs, such as platforms for tokenized deposits…
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