Recently cryptocurrencies much central bank digital currencies (CBDC) has also been talked about frequently.
In this context, central banks of some countries CBDCs While working on it, some countries, such as China, have already issued their own CBDCs and started pilot tests.
Provides fund transfers between banks all over the world SWIFT system also began testing the use of CBDCs in international payments.
In the report published by SWIFT to test how multiple different country CBDC networks can interconnect and seamless international payments involving CBDC and cryptocurrencies running new experiments.
These studies capgemini in collaboration with.
The report noted that CBDCs are already receiving a lot of attention, with many focusing on how they can help countries achieve their domestic policy goals.
However, the main point with the use of CBDCs is their use in international payments.
Commenting on the subject Thomas Zschach, SWIFT’s Chief Innovation Officer said:
“Facilitating interoperability and connecting between the different CBDCs under development worldwide will be critical if we are to realize the full potential of CBDCs.
The global CBDC ecosystem today risks fragmentation, with multiple central banks developing their own digital currencies based on different technologies and standards.”
Saying that there are a number of barriers to CBDCs Nick Kerigan, Head of Innovation at SWIFT He continued his words as follows:
“Unless these barriers are removed, it could limit wider adoption of CDBCs.
While CBDCs offer many opportunities, there are a few challenges facing their adoption that must be overcome first.
CBDCs are new fiat currencies with the potential to provide new or better solvency.
However, it does not need to replace traditional payment infrastructures and processes. CBDCs and traditional payment infrastructure will need to work together for some time.”