Three central banks have joined the SWIFT pilot on CBDC interoperability
Date: 2023-09-15 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
Participants included the Monetary Authority of Singapore, the National Bank of Kazakhstan and another regulator from an unnamed state. The infrastructure for direct transaction testing has already been integrated.
We are focused on compatibility issues that are necessary so that digital currencies can easily coexist with each other and other types of money (currencies), as well as paper currencies,” said SWIFT.
Also, in parallel with this, testing will begin in the sandbox, where regulators, commercial banks and representatives of the financial market infrastructure will explore additional options for using CBDC. This list includes trigger payments for digital trading platforms, currency exchange models, delivery mechanisms to the bank bill payment platform.
The expanded pilot team also included the Reserve Bank of Australia, Deutsche Bundesbank, HKMA Bank of Thailand and others.
When making cross-border payments in May 2022, SWIFT announced that it will begin testing the compatibility of different CBDC platforms. At the initial stage, about 5,000 transactions were made between the two blockchains and existing payment systems.
In September of the same year, the operator, together with the decentralized oracle network Chainlink, agreed to develop a mechanism that would allow traditional financial institutions to make cryptocurrency transfers.
