Organization that plays an important role in international money transfers of banks SWIFTannounced in a statement that they encountered positive results in the CBDC test they had previously started.
Running a 12-week testing period for the digital currency, SWIFT has over 5,000+ using two different blockchain networks. CBDC simulated the transfer. Major banking institutions in Canada, France, Singapore and Germany supported the research. SWIFT included the following words in the text it shared:
“As a result of our long-running sandbox testing, we concluded that CBDCs can interoperate with central and commercial banks and that we can successfully use CBDCs for cross-border payments.”
In its statement, SWIFT also emphasized that the participants agreed on what kind of function CBDCs will have in the future. The international payment system plans to move to the second stage after successfully completing the test.
The Future of Digital Currencies
After SWIFT announced that it had successfully completed the first-stage CBDC test, it made a few predictions about the future.
According to the study, more than 110 central banks worldwide are conducting research for CBDC. Finance experts expect a quarter of central banks to launch their own digital currency in the next few years.
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