The Society for Worldwide Interbank Financial Telecommunications, better known as SWIFT, is moving forward with its Central Bank Digital Currency (CBD
C) tests. The digital fiat has been the focus of many countries, as have fund transfer facilitators such as SWIFT. With this experiment, if successful, CBDCs could potentially be fast-tracked globally into becoming a mode of fund transfer.New York Fed successfully tests bespoke digital asset payment system even though technology already existsIn an announcement on September 13, the money messaging system stated that it would soon be initiating its next CBDC experiment.
In addition to this experiment, SWIFT is also initiating the second phase of its sandbox testing. In this testing, commercial banks, central banks and financial market infrastructures are set to explore additional use cases of CBDCs. At the moment, about 30 leading global financial institutions, including the likes of The Reserve Bank of Australia, Deutsche Bundesbank, HKMA, and Bank of Thailand, will be participating, marking a 66% increase from the first sandbox testing participation.
Distributed Ledger Technology , the underlying tech behind cryptocurrencies, is the basis of this experiment.
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