SWIFT Announces The Success Of Its CBDC Network Trial!

SWIFT Announces the success of its CBDC network trial!

Earlier this year, the Bank of International Settlements published an annual economic report in which it was revealed that approximately 90% of central banks around the world are currently exploring the use of central bank digital currencies, or CBDC’s. With this in mind, one of the biggest issues being faced with CBDC’s at the moment is how to connect these banks together. 

Because of that, SWIFT has been continuously trialing its very own CBDC Network to solve this issue.

The Report

The financial institution revealed that 90% of the 81 central banks that they surveyed from the month of October to December of 2021 were either trialing, using, or looking into adopting CBDC’s. 

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“Globally, more than two-thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short- or medium-term,” BIS explained in their report.

SWIFT’s Trial

Since this report was published, the Financial messaging system known as SWIFT, recently revealed that they have plans and are ready to take on one of the biggest issues surrounding CBDC’s at the moment: the issue of transacting between blockchains.

For the past 8 months, SWIFT has been experimenting on their CBDC network involving multiple different technologies and currencies. Some of those that have been experimented on included France and Germany’s national central banks as well as global lenders like HSBC, and UBS.

From their trials, SWIFT has reportedly been able to successfully transact CBDC’s among different blockchains.

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“SWIFT has successfully shown that Central Bank Digital Currencies (CBDCs) and tokenised assets can move seamlessly on existing financial infrastructure – a major milestone towards enabling their smooth integration into the international financial ecosystem,” SWIFT said.

It’s been reported that at the moment, SWIFT is already being used in over 200 countries, connecting up to 11,500 banks and funds with one another. 

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