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SWIFT to Launch CBDC Platform by 2026

SWIFT to Launch CBDC Platform by 2026

(26 March 2024 – Belgium) SWIFT is planning a new platform in the next two years that integrates prototype Central Bank Digital Currencies (CBDCs) with underlying financial systems.

9 in 10 central banks are experimenting with digital currencies such as the Digital Pound, e-CNY Digital Yuan, JAM-DEX, eNaira, M-PESA and Project Aber.

The Bank of England (BoE) has not yet committed to issuing a CBDC but asserts it is “likely to be needed” in the future. The Reserve Bank of Australia (RBA) and DFCRC released a report on the findings from a joint research project that explored potential use cases for an eAUD CBDC.

The European Central Bank (ECB) has a digital euro project underway while the Bank for International Settlements (BIS) is running multiple cross-border trials. The surge in demand for cryptocurrencies is powering development however central banks continue to grapple with technological complexities.

“The latest trial, which took six months and involved a 38-member group of central banks, commercial banks and settlement platforms, was one of the largest global collaborations on CBDCs and tokenised assets to date. We are looking at a roadmap to productize in the next 12-24. It's moving out of experimental stage towards something that is becoming a reality” commented SWIFT Head of Innovation, Nick Kerigan.

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