2024-04-01 14:43:03
The international financial messaging system SWIFT plans to develop and launch a new digital currency platform over the coming years. As Day.Az reports, Reuters writes about this.
“We are looking at a roadmap to launch the platform in the next 12-24 months. The product is moving from an experimental stage to something that becomes a reality,” SWIFT head of innovation Nick Kerigan said in an interview with the publication.
The goal of the new platform is to integrate central bank digital currencies into the existing financial system. Currently, about 90% of the world’s central banks are studying the possibility of creating national virtual currencies, the agency notes.
Thus, CBDCs are already operating in the Bahamas, Nigeria and Jamaica. China has moved forward with real-world testing of the electronic yuan. The ECB is also developing a digital euro, and the Bank for International Settlements (BIS) is conducting numerous cross-border trials.
SWIFT’s main advantage is that its existing network is already available in more than 200 countries and includes more than 11,500 banks and funds that use the system to send trillions of dollars every day.