SWIFT Targets 2025 To Test Digital Currency Trades As Central Authorities Look To Keep Pace With Bitcoin’s Efficiency
Global banking network SWIFT is set to trial live transactions involving digital currencies and tokenized assets next year, marking a significant advancement in integrating these assets into the mainstream financial system.
What Happened: SWIFT’s initiative aims to streamline trading by using blockchain-based tokens to represent traditional assets like bonds. This move is expected to make trading faster, more cost-effective, and more efficient. Despite ongoing efforts, tokenized assets have not yet achieved widespread market adoption, Reuters reported.
Currently, around 90% of the world’s central banks are experimenting with central bank digital currencies (CBDCs), which are digital versions of fiat money, to facilitate the trading of tokenized assets. SWIFT has been actively involved in trials of both CBDCs and tokenized assets.
Monetary …
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