Global banking communications system SWIFT plans a new platform in the next one to two years to connect the central bank’s digital currency under development with the existing financial system. “We have a roadmap for launch over the next 12 to 24 months,” SWIFT innovation manager Nick Kerigan said on Monday.
“It’s moving out of the experimental phase and into something that becomes a reality,” Kerigan said in an interview with Reuters.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is responsible for the standardized transmission of financial transfer messages and therefore holds an important key position in the global financial system. According to previous information, approximately 11,500 financial institutions in more than 200 countries are connected to the communications network.
Almost all central banks around the world are considering introducing digital versions of their currencies. They are also responding to the threat of competition from cyber currencies from international technology companies and the rise of cryptocurrencies such as Bitcoin and Etherum. In 2020, the island nation of the Bahamas became the first country in the world to officially introduce a digital version of its currency, the ‘Sand Dollar’.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
