SWIFT moves to next phase of CBDC testing after positive results
According to SWIFT, 24% of central banks will introduce a CBDC within the next couple of years. According to a statement on Mar. 9, bank messaging platform Society for Worldwide Interbank Financial Telecommunications, or SWIFT, disclosed that the financial institution witnessed positive results related to its pilot test of linking different central bank digital currencies (CBDCs). During a 12-week testing period, SWIFT simulated nearly 5,000 transactions between two different Blockchain networks and existing fiat payment systems. Over 18 financial institutions worldwide participated in the study, including the Royal Bank of Canada, Banque de France, Société Générale, BNP Paribas, Monetary Authority of Singapore, HSBC, Deutsche Bundesbank, NatWest, and more. As told by SWIFT: "Overall, the results of the sandbox testing found that Swift’s experimental interlinking solution can meet the needs of central and commercial banks for CBDCs interoperability, ensuring CBDCs can be succes...