The SWIFT international system has announced plans to launch a platform for central bank digital currencies (CBDC). This is reported by Reuters.
► Subscribe to the telegram channel “Ministry of Finance”: main financial news
SWIFT successfully completed a 6-month testing of the platform with the participation of 38 members of the group of central banks, commercial banks and settlement platforms.
The platform focuses on ensuring interoperability of CBDCs from different countries, even if they are built on different underlying technologies. This will help minimize the risks of payment system fragmentation.
The system can be used for complex trade and currency payments. Its automation can significantly speed up and reduce the cost of these processes.
Most central banks in the world (about 90%) are exploring the possibility of issuing digital versions of their currencies.
Some countries, such as the Bahamas, Nigeria and Jamaica have already launched CBDC. China has also advanced in testing the electronic yuan. The European Central Bank is developing a digital euro.