SWIFT, the global financial messaging network, is aiming to create a new platform to connect central bank digital currencies to the existing finance system in the next 1-2 years, its head of innovation Nick Kerigan told Reuters.
“We’re looking at a roadmap to productize in the next 12-24 months,” said Kerigan. “It’s moving out of experimental stage towards something that is becoming a reality.”
His statements followed the latest sandbox testing’s results for SWIFT’s CBDC interlinking solution, which was done over the last six months and involved 38 institutions.
“Our solution has the potential to simplify and speed up trade flows, unlock growth in tokenized securities markets, and enable efficient FX settlement,” said SWIFT.
Participants in the sandbox included central banks of Australia, France, Germany, and Singapore, as well as commercial banks such as Citibank (C), HSBC (HSBC), Deutsche Bank (DB), ANZ (OTCPK:ANZGY), and DBS (OTCPK:DBSDF).
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