After
receiving positive results, the interbank messaging platform Society
for Worldwide Interbank Financial Telecommunications (SWIFT) has decided to move on to the next phase of its central bank digital currency (CBDC) pilot.
The financial institution said the initial phase demonstrated clear potential and value related to the CBDCs.
- The 12-week testing period connected different CBDCs.
- The
test participants include more than 18 financial entities worldwide,
such as the Royal Bank of Canada, Banque de France, Société Générale,
BNP Paribas, Monetary Authority of Singapore, HSBC, Deutsche Bundesbank,
and NatWest.
- The pilot witnessed the simulation of almost 5,000 transactions between two different blockchain networks and existing fiat payment systems.
- The second phase of SWIFT’s CBDC pilot will move the project to a beta version.
- SWIFT estimates that 24% of central banks will develop a CBDC within the next couple of years.
- Currently, more than 110 central banks worldwide are exploring the use cases of CBDCs.
