SWIFT Announced Conducting Cross-Border Tests for CBDC

SWIFT, the international payments organization, has stated that cross-border tests for central bank digital currencies will be conducted (CBDCs). This is the organization’s latest effort in the digital assets area, which has been heating up in recent months. The company claimed it would use CBDCs to perform payments to “take the next step toward seamless cross-border payments incorporating digital currencies.” This project will be carried out in conjunction with Capgemini, an IT business. We’re collaborating with @Capgemini to explore how SWIFT can interlink the multiple domestic-based #CBDC networks emerging worldwide to make cross-border payments with #DigitalCurrencies more seamless & frictionless. Learn more: https://t.co/SgvjDf1dl4 pic.twitter.com/99g99A070H — SWIFT (@swiftcommunity) May 19, 2022 As a result, the leading payment network intends to concentrate on enabling CBDC use on a global scale. SWIFT’s Chief Innovation Officer, Tom Zschach, discussed the necessity for a uniform system. He said, “Facilitating interoperability and interlinking between different CBDCs being developed worldwide will be critical if we are to realize their potential fully. Today, the global CBDC ecosystem risks becoming fragmented with numerous central banks developing their digital currencies based on different technologies, standards, and protocols,” SWIFT has already devoted time and effort to investigating CBDCs. It collaborated with Ac...