Join the larget crypto conference of 2022 in Bitcoin
Bitcoin
$ 39,046

SWIFT testing Crypto & CBDC supported payments interoperability

0
(0)
SWIFT testing Crypto & CBDC supported payments interoperability 14

SWIFT is working to bring a high-level interoperability system between the different Central Bank Digital Currency (CBDCs).

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a Belgian cooperative society. This company is popularly known as SWIFT, which provides Banking services related to the execution of financial transactions and payments between the banks globally. 

On 19 May, SWIFT published its report on the engagement of the experiment and investigations on the Central Bank Digital Currency (CBDCs) by 90% of the Central Banks. 

The report noted that the majority of the Central Banks are in their advanced phase of the CBDC development & investigation works, while 9 banks are already using their Centralized Digital Currency.

As all of us know very well about the concept of CBDC, which is considered to be a highly centralized nature-based digital form of money. However, the majority of the Central Banks are working on CBDC but it further increases the question of the interoperability because different CBDC networks will create a situation, where cross-border transactions will be hard to process directly.

In short, we can say, without interoperability between CBDCs, the centralized digital currency will remain limited to use across the states of the country instead of being used at the global level. 

By taking these things under consideration, SWIFT is working to bring high-level interoperability, so that CBDC can be easily dragged out from its traditional nature to modern nature, to make use at a better level.

The Chief Innovation Officer at SWIFT, Thomas Zschach, shared his opinion on these efforts, that SWIFT is doing to make blockchain technology-based payment systems in use at a better level.

SWIFT Officer said:

“The world will be critical if we are to fully realize their potential. Today, the global CBDC ecosystem risks becoming fragmented with numerous central banks developing their digital currencies based on different technologies, standards, and protocols.”

Nick Kerigan, Head of Innovation at SWIFT, also shared his stance on these efforts and noted that SWIFT will be able to become at least a digital island for CBDCs. 

SWIFT head indirectly hinted that in case of failure with the experiments to provide interoperability, the company will be able to bring CBDCs-based banking support under the integrated form, more likely what Swift is doing with traditional technology.

Read also: Tag Heuer will support crypto payment

SWIFT testing Crypto & CBDC supported payments interoperability

 

https://bitcoinik.com/swift-testing-crypto-cbdc-supported-payments-interoperability/feed/

https://bitcoinik.com/swift-testing-crypto-cbdc-supported-payments-interoperability/feed/

 

 

 

 

 

 

 

Buy bitcoin and other cryptocurrencies on crypto exchanges  Binance ,  Coinbase ,  Kraken  and  Bitfinex !

 

 

 

Ads by Cryptonews24

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

--------------------------Ads by Cryptonews24--------------------------------------
CocaCola Investing Platform

✅Brand new company platform launched 17/09/2022🔥💯

 

👉🏼Coca-Cola 👈

Don't miss Coca-Cola if you want to generate passive income.

It is a brand new company with stable and moderate income that will help investors earn money in the long run.

Say no!! on sites with high commissions, they only last a few days.

Coca-Cola is a legitimate company and supplies are standard.

https://cocacola66.vip/index/login/reg/invite_code/052091

$5 sign up bonus

-Minimum deposit $20
-Minimum withdrawal $10

Withdrawal time 0~10 minutes💯 ✅

Get 7% of your deposit everyday🔥
-Deposit 20, Get $1.5 Daily ✅
-Deposit 30, Get $2.1 Daily ✅
-Deposit 50, Get $3.5 Daily ✅
-Deposit 100, Get $7 Daily ✅
-Deposit 200, Get 14 Daily ✅

Get 10% of your first deposit and 10% on invite deposits 😱

Reward Invitations🏅
-30 valid members, get $100 reward ✅
-60 valid members, Get $150 reward ✅
-100 valid members, Get $350 reward ✅
Note: Valid member charges $30 and up

Deposit Reward🏅
Get 10%, 2% and 1% of Lv1, Lv2 and Lv3 group deposits.

A lot of activities will be organized in the main group to help hardworking members make a lot of money 💰

Registration link
👇🏽

https://cocacola66.vip/index/login/reg/invite_code/052091

This is a long term project!! Do not miss it!!! 💎 💎 💎 💎 💎

----------------------------------------------------------------------------------------------------------------------------------------

TELEGRAM
Cryptonews24 Channel Chat