.swiftcommunity has presented a framework for a global CBDC system, claiming to have solved the challenge of interoperability between different networks. By JamieCrawleyCD
SWIFT, the interbank messaging system facilitating cross-border payments, has presented a framework for a global central bank digital currency system, claiming to have solved the challenge of interoperability between different networks.
Following experiments involving the central banks of France and Germany as well as HSBC, NatWest, Standard Chartered, UBS and Wells Fargo, SWIFT said it has carried out transactions between different blockchain networks, using both CBDCs and fiat currencies. With the vast majority of central banks exploring development of digital currencies, attention has turned to how the CBDCs of different countries could interact when using different networks.
The experiments demonstrate that"blockchain networks could be interlinked for cross-border payments through a single gateway, and that SWIFT’s new transaction management capabilities could orchestrate all inter-network communication,"SWIFT is a messaging system that supports international bank transactions. Its network is used in more than 200 countries by over 11,000 financial institutions.
However, there have been suggestions that digital currencies in the form of crypto, stablecoins or CBDCs
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