Swift is preparing to take an important step regarding digital currencies (CBDCs). The international payment system decided to work on a new development for the CBDC project. This development comes after the central banks of Hong Kong and Kazakhstan began integrating the project into their infrastructure. Swift wants to make the integration of CBDCs into the financial system more seamless.
Swift; It has also initiated a second sandbox testing phase in which it investigates features that commercial banks, central banks and financial market infrastructures can use in digital trading platforms. The results of these tests will offer more insight into how CBDCs can be used on different platforms.
Swift’s Chief Innovation Officer Tom Zschach made a statement following this announcement. Zscach stated that their focus is on ensuring CBDCs work harmoniously with each other and with existing fiat currencies and payment systems.
“The development of CBDCs stands out as an important factor shaping the future of the financial world. “Swift’s work can contribute to the wider and seamless use of these digital currencies.”