International bank messaging service SWIFT announced the beta phase of its project to connect central bank digital currencies with three central banks directly linked to it.
SWIFT says blockchain integration ‘more plausible’ than unifying CBDCs
SWIFT messaging connects over 11,500 financial institutions worldwide. It has an uncomfortable relationship with CBDCs because the new technology could compete with it in many circumstances. The various CBDC bridging projects supported by the Bank for International Settlements are examples of this potential. Competition breeds innovation, though.in August that 89% of the transactions it accommodates are processed within an hour, surpassing the G20’s goal of 75% one-hour settlements by 2027.
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