BLOCKCHAIN & CRYPTO
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A critical development that may determine CBDCs’ future success is SWIFT’ s planned launch of a platform connecting different CBDC networks.
First announced in March 2024, this initiative aims to ensure interoperability between CBDCs built on varying underlying technologies, thereby reducing payment system fragmentation risks.
Nick Kerigan, SWIFT’ s Managing Director and Head of Innovation, revealed last year that the network’ s trial involved a 38-member group of central banks, settlement platforms and commercial banks.
This collaboration represented one of the largest on tokenised assets and positions SWIFT to maintain its role as the leading bankto-bank network in the digital age – perhaps even more crucial now that global CBDC development lacks US participation.
The platform’ s implementation timeline of 12-24 months, initially announced in 2024, may now face adjustments given the US policy shift, but the fundamental need for interoperability between disparate CBDC systems remains essential for global adoption. fintechmagazine. com 101