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“Introduction of Central Bank Digital Currencies by SWIFT – a New Era in Global Financial Infrastructure”


SWIFT Plans to Integrate Central Bank Digital Currencies with Global Financial Infrastructure

SWIFT, the organization responsible for international banking settlements, has announced plans to launch a new platform within the next 12-24 months. The new platform aims to facilitate the integration of a growing number of Central Bank Digital Currencies (CBDCs) with the existing global financial infrastructure. This move is in response to the increasing popularity of cryptocurrencies like Bitcoin and the growing demand for the digitization of financial systems.

Central Banks Worldwide Developing Digital Currencies

Currently, around 90% of central banks worldwide are engaged in efforts to introduce or considering creating their own digital currencies. This trend is a result of the increasing popularity of cryptocurrencies and the necessity to address the technological challenges brought about by the era of digitization.

Successful Trials of Central Bank Digital Currency Integration

The SWIFT initiative has conducted successful trials with 38 banks, resulting in valuable insights regarding the interoperability of Central Bank Digital Currencies. This study has confirmed the potential for using CBDCs in complex trade and currency transactions and automating processes, which is expected to improve transaction speed and reduce costs.

Middle East and Southeast Asia Central Banks Prepare for CBDC Implementation

The Central Bank of the United Arab Emirates (CBUAE) has begun implementing a strategy for a central bank digital currency as part of the FIT program. One of the program elements is the mBridge project and collaboration with the Philippines to introduce a digital currency within two years. Meanwhile, the Central Bank of the Philippines (BSP) also plans to roll out its digital currency within two years, though not using blockchain technology but leveraging the existing Peso Real-Time Gross Settlement System.

Potential of Central Bank Digital Currencies for Financial Systems

These changes represent a turning point in the approach of central banks towards digital currencies, ushering in a new era of financial system digitization. The introduction of CBDCs can enhance the efficiency, security, and effectiveness of financial transactions on a global scale. It is also a step towards adapting to the evolving market and technological landscape.