SWIFT Lays out Blueprint for Global CBDC Network

Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies.

The trial, for the last month, has involved both France and Germany's national central banks as well as global lenders like HSBC, Standard Chartered, and UBS.

Around 90% of the world's central banks are now using, trialling, or looking into CBDCs. Most don't want to be left behind by Bitcoin and other cryptocurrencies, but are grappling with technological complexities. The trial will be followed by more advanced testing over 2023. The idea is that once scaled-up, banks may need only one main global connection, rather than thousands if they were to set up connections with each counterpart individually.

(Source: The Paypers)