Politics

Central Bank Digital Currency Platform Intends To Launch Within 12-24 Months

Within the next one to two years, SWIFT, a banking cooperative that provides services related to the execution of financial transactions and payments between limited banks around the world, announced its intention to introduce a central bank digital currency ( CBDC ) platform. SWIFT’s primary function, according to Wikipedia, is” to serve as the main messaging network through which limited global payments are initiated”. The results of the second phase of industry-wide sandbox testing on its central bank digital currency ( CBDC ) interlinking solution show that its connector can help financial institutions use CBDCs and other digital tokens with ease and integration into their business practices, according to a press release from SWIFT. News regarding CBDC.
SWIFT planning launch of novel central bank digital currency platform in 12- 24 monthshttps: //t. co/7VHkpxX75b— Robert W Malone, MD ( @RWMaloneMD) March 26, 2024″ Swift solution could enable financial institutions to easily incorporate CBDCs and other digital assets into common business practices”, SWIFT stated. This story was buried in the news while we were all watching the horrors of the Francis Scott Key Bridge collapse, writes Wall Street Apes. According to Kerry,” We are looking at a roadmap to productize ( launch as a product ) in the next 12 to 24 months. We are looking at a new platform in the next one to two years to connect the wave of central bank digital currencies that are currently in development to the existing finance system,” it has told Reuters. It’s transitioning away from the empirical stage toward something that is becoming a reality. While we were all glued to the horrors of the Francis Scott Key Bridge collapse, this story was hidden in the news.” SWIFT Planning Launch of New Central Bank Digital Currency Platform in 12 to 24 Months?” … pic. twitter.com/eafAFbhJco— Wall Street Apes ( @WallStreetApes ) March 28, 2024Reuters reports: The move, which would be one of the most significant yet for the nascent CBDC ecosystem given SWIFT’s key role in global banking, is likely to be fine- tuned to when the first major ones are launched. Around 90 % of the world’s central banks are now exploring digital versions of their currencies. Most do n’t want to be left behind by bitcoin and other cryptocurrencies, but are grappling with technological complexities. SWIFT’s head of innovation, Nick Kerigan, said its latest trial, which took 6 months and involved a 38- member group of central banks, commercial banks and settlement platforms, had been one of the largest worldwide collaborations on CBDCs and” tokenised “assets to date. In order to reduce the risk of payment system fragmentation, it focused on ensuring that various countries’ CBDCs can all be used up, even if they are based on different core technologies or “protocols.” Additionally, it demonstrated that they could be used in very sophisticated foreign exchange or trade transactions and that they could possibly be automated to both speed off and lower the costs of the processes. According to Kerigan, the findings, which also demonstrated banks could use their existing infrastructure, had been commonly regarded as a success and given SWIFT a working deadline,” A CBDC must be resisted at all costs. It is the most powerful autocratic tool. Also, a unified, dark, non- open platform like SWIFT must also be resisted— and phased out — in favor of open, decentralized, transparent platforms,” Mark Jeffrey writes. A CBDC must be avoided at all costs. It is the most powerful autocratic tool. Also, a unified, dark, non- open platform like SWIFT must also be resisted— and phased out — in favor of open, decentralized, transparent platforms. https ://t.co/GcuCvaFKpI— Mark Jeffrey ( @markjeffrey ) March 26, 2024″SWIFT, the payment messaging system which is utilized by the majority of the global banks, have announced they’re setting up a CBDC platform that’s coming out in 12 to 24 months,” George Gammon said. WATCH: Holy Sh*t…SWIFT Just Announced New CBDC Platform https ://t.co/b0nNwWgz3Z— George Gammon ( @GeorgeGammon ) March 27, 2024″ Over the last six months, we’ve been working with 38 global institutions on one of the largest CBDC experiments to date. And we’re really excited about the results. We looked at more challenging use cases during the next phase of sandbox testing. Our solution was effective at interlinking and coordinating transactions between CBDCs for payments, modern asset networks, and simulated online trade. Over the course of the project, over 125 sandbox users made more than 750 transactions,” SWIFT wrote. WATCH: The results are on! We’ve collaborated with 38 international institutions over the past six months on one of the largest CBDC experiments to date. And we’re really excited about the results. We looked at more challenging use cases during the next phase of sandbox testing. We… pic. twitter.com/ZakMwXhJW6— Swift ( @swiftcommunity ) March 25, 2024From SWIFT: In one of the largest known collaborations on CBDCs, 38 institutions – including central and commercial banks as well as market infrastructures – took part in experiments which found that Swift’s solution has the potential to simplify and speed up trade flows, unlock growth in tokenised securities markets, and enable efficient FX settlement – all while allowing financial institutions to continue to make use of their existing infrastructure. Interoperability is crucial to Swift’s strategy for instant and seamless transactions. To avoid the potential for fragmentation caused by the development of modern currencies using various technologies and protocols, the cooperative has focused its innovation agenda on interoperability between digital currencies and tokenized assets. The SWIFT solution has now been demonstrated to enable cross-border transfers and connect CBDCs on various networks to one another as well as to fiat currencies. More sandbox testing included more challenging use cases, using Swift’s solution to connect and manage transactions between replicated digital trade, tokenized asset, and FX networks, along with CBDCs for payments. More than 750 transactions were carried out over the course of the experiments. In online trade, the creative experiments effectively demonstrated interoperability between different online networks and trade platforms, with Swift’s solution facilitating nuclear trade payments – payments that are completed together, alongside the transfer of assets, rather than sequentially. Trade flows could possibly become automated 24 hours a day, 7 days a week, thanks to clever contracts and event-driven programming, which simply allowed the automation of payments once certain conditions had been met. Participants also praised the solution’s potential to shorten delays in international trade, strengthen trust among parties, and drastically lower transaction costs. In securities, the lack of interoperability between tokenisation platforms is a barrier to the growth of tokenisation. According to the experiments, Swift’s solution could facilitate nuclear delivery and payment across multiple asset and cash networks by interlinking multiple asset and cash networks. Due to the potential to improve liquidity, lower transaction costs, and increase transparency and security, tokenization is a fresh market that is attracting significant industry interest. Lastly, the experiments showed that the connector could play a role in foreign exchange. The connector was demonstrated to be compatible with the existing market infrastructure, facilitating FX netting and settlement via CBDCs, by working closely with CLS. [[{“value”:”

SWIFT is a cooperative of banks that provides services for the execution of financial transactions, payments, and other related activities between limited banks around the world. It announced its intention to launch a platform for central bank digital currencies (CBDCs) within the next 1-2 year. According to Wikipedia, SWIFT is the main messaging network that initiates limited international payments. CBDC news.SWIFT planning launch of new central bank digital currency platform in 12-24 monthshttps://t.co/7VHkpxX75b — Robert W Malone, MD (@RWMaloneMD) March 26, 2024 “Swift solution could enable financial institutions to easily incorporate CBDCs and other digital assets into common business practices,” SWIFT stated. Wall Street Apes writes that “While we were watching the horrors surrounding the Francis Scott Key Bridge collapse this story was buried” SWIFT planning launch of new central bank digital currency platform in 12-24 months What are the chances this press release will happen on the same day? “SWIFT plans to launch a new platform within the next year to connect the wave central bank digital currencies that are currently in development with the existing finance system. It told Reuters.” “We are looking at a road map to productize (launch a product) within the next 12-24 month,” Kerigan said during an interview. “It’s moving out of experimental stage towards something that is becoming a reality.” WATCH: WOW “While we were all busy watching the horrors of the Francis Scott Key Bridge collapse, this story was buried in the news” SWIFT Planning Launch of New Central Bank Digital Currency Platform in 12-24 Months What are the odds this press release happens the same day?… pic.twitter.com/eafAFbhJco — Wall Street Apes (@WallStreetApes) March 28, 2024 Reuters reports: The move, which would be one of the most significant yet for the nascent CBDC ecosystem given SWIFT’s key role in global banking, is likely to be fine-tuned to when the first major ones are launched. Around 90% of central banks around the world are now exploring digital versions for their currencies. Most central banks don’t wish to be left behind, but they are struggling with the technological complexity. Nick Kerigan, SWIFT’s Head of Innovation, said that its latest trial took six months and involved 38 members from central banks, commercial bank and settlement platforms. It was one of the biggest global collaborations to date on CBDCs, and “tokenised assets”. The trial focused on ensuring that CBDCs from different countries can be used together, even if they are built on different technologies or “protocols”. This reduces the risk of payment system fragmentation. It also showed that they could be used for highly complex payments, such as foreign exchange or trade, and could be automated to speed up and reduce costs. Kerigan said that the results, which also proved banks could use their current infrastructure, were widely regarded as successful by those who participated and gave SWIFT an estimated timeline. “A CBDC is something that must be resisted. It is the ultimate totalitarian instrument. Mark Jeffrey writes, “Also, a centralized shadowy, nontransparent platform such as SWIFT should be resisted – and phased out – in favor of transparent, open, decentralized platforms.” A CBDC should be resisted. It is the ultimate totalitarian instrument. SWIFT is a centralized platform that is opaque, centralized and shadowy. It must be opposed, and eventually phased out, in favor of more open, decentralized platforms. https://t.co/GcuCvaFKpI — Mark Jeffrey (@markjeffrey) March 26, 2024 “SWIFT, the payment messaging system which is utilized by the majority of the global banks, have announced they’re setting up a CBDC platform that’s coming out in 12 to 24 months,” George Gammon said. WATCH: Holy Sh*t…SWIFT Just Announced New CBDC Platform https://t.co/b0nNwWgz3Z — George Gammon (@GeorgeGammon) March 27, 2024 “Over the last six months, we’ve been working with 38 global institutions on one of the largest CBDC experiments to date. We’re very excited about the results. In the second phase, we looked at more complex use-cases. Our solution was successfully used to orchestrate and interlink transactions across simulated digital assets, FX and digital trade networks, as well as CBDCs for payment. SWIFT reported that over 125 sandbox participants completed more than 750 transactions during the project. Watch: The results have been released! In the last six-month period, we have worked with 38 global institutions to conduct one of the largest CBDC experimentations ever. We’re very excited about the results. We explored more complex use-cases in the second phase of testing. We… pic.twitter.com/ZakMwXhJW6 — Swift (@swiftcommunity) March 25, 2024 From SWIFT: In one of the largest known collaborations on CBDCs, 38 institutions – including central and commercial banks as well as market infrastructures – took part in experiments which found that Swift’s solution has the potential to simplify and speed up trade flows, unlock growth in tokenised securities markets, and enable efficient FX settlement – all while allowing financial institutions to continue to make use of their existing infrastructure. Swift’s strategy of instant and frictionless transactions is dependent on interoperability. The cooperative’s innovation agenda has been focused on interoperability of digital currencies and tokenised asset to overcome the risk of fragmentation caused by the development and use of digital currencies with different technologies, standards and protocols. Swift’s solution is already able to facilitate cross-border transfers, and connect CBDCs from different networks as well as fiat currencies. In the second phase of testing, Swift’s solution was used to orchestrate and connect transactions across simulated tokenised asset, FX, and digital trade networks, along with CBDCs. Over the course of the experiment, more than 750 transactions took place. The collaborative experiments in digital trade successfully demonstrated interoperability among different digital networks, trade platforms and Swift’s solution, which facilitates atomic trade payments, i.e. payments that are completed concurrently, along with the transfer of assets rather than sequentially. Smart contracts and event driven programming enabled payments to be automated only after certain conditions were met. This means trade flows could become automated 24 hours per day, 7 days a week. Participants also emphasized the solution’s ability to reduce delays in international trade, increase trust between parties, and lower transaction costs. The lack of interoperability among tokenisation platforms in securities is a barrier for the growth of tokenisation. Swift’s solution interconnected multiple asset and cash networks, and was able facilitate atomic payment versus delivery across these platforms. Tokenisation, a new market, is attracting industry interest because of its potential to increase liquidity, lower transactional costs, and improve transparency and security. The experiments also showed that the connector can play a part in foreign exchange. The connector, developed in collaboration with CLS, was interoperable with existing market infrastructure and allowed FX netting and settlement via CBDCs.

“}]] 

You May Also Like

Government Corruption

Updated 5/17/19 9:52am Jack Crane | Opinion  James Baker, Former-FBI General Counsel has joined Russian hoax media collaborator Michael Isikoff on his podcast, yesterday....

Crime

I do not even know where to begin with this one.  Just when you think you have seen the worst that humanity has to...

US Politics

“CLINTON LIKES THEM (GIRLS) YOUNG” (It’s about what I was expecting)   YOU CAN DOWNLOAD THE LIST FOR YOURSELF HERE   By Charles Roberson...

US Politics

The Cheney Family has shown themselves to be one of the most evil houses in the United States. Be it her father Dick (aptly...

Exit mobile version