SWIFT launches a new platform for central bank digital currencies
The Society for Worldwide Interbank Financial Telecommunication, known as SWIFT, is planning to launch a new platform to connect various countries’ central bank digital currencies to the existing financial system.
Given SWIFT’s key role in global banking, experts consider this move as one of the most important steps towards the formalization of the emerging ecosystem of central bank digital currencies.
Currently, about 90% of the world’s central banks are exploring digital versions of their currencies. Most of them do not want to fall behind Bitcoin and other cryptocurrencies, but on the other hand, they are grappling with the technical complexities associated with launching them.