Bitcoin News and Finance
SWIFT CBDC Interlinking Solution Enters Beta Testing Skip to main content

SWIFT CBDC Interlinking Solution Enters Beta Testing

SWIFT CBDC Interlinking Solution Enters Beta Testing

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial payment services, has announced that its central bank digital currency (CBDC) connector has entered beta testing stages. SWIFT reported that three central banks are already testing this interlinking solution, while more than 30 financial institutions are testing its various applications in a sandbox environment.

SWIFT CBDC Connector Being Tested by 3 Central Banks

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), provider of the de-facto standard for cross-border financial settlements, has announced that three central banks are already testing its central bank digital currency (CBDC) interlinking solution.

The connector, developed after the experiences that SWIFT accumulated during the first CBDC sandbox, completed earlier this year, aims to provide an effective solution for interoperability between already-existent fiat currencies and these new tokens. During this sandbox, almost 5,000 transactions were simulated between two blockchain systems (Quorum and Corda) and existent Real Time Gross Settlements (RTGS) fiat systems.

The Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan are among the three institutions that have already integrated this solution within their financial infrastructure, allowing them to test its functions and performance directly.

Connecting Digital Islands

Besides this, SWIFT announced the launch of a second CBDC sandbox, in which more than 30 financial institutions will experiment with different use cases and applications for interconnected currencies. The Reserve Bank of Australia, Deutsche Bundesbank, HKMA, Bank of Thailand, and CLS are among the institutions developing various implementations for CBDC technology.

As expressed in the results report of the first CBDC sandbox, titled “Connecting Digital Islands,” SWIFT’s purpose is to avoid a situation where liquidity is kept siloed in each one of these networks without means for interacting with other systems.

Tom Zschach, Chief Innovation Officer at Swift, expanded on this idea. He stated:

Our focus is on interoperability – ensuring that new digital currencies can seamlessly coexist with each other and with today’s fiat-based currencies and payment systems.

Zschach detailed that with this new sandbox, SWIFT expects to refine its solution to ensure its effectiveness at a scale.

19 of the 20 nations of the Group of Twenty (G20) are already in advanced states of CBDC research, while nine are already running CBDC pilots. This is part of the reason SWIFT is focusing on developing these solutions to allow the interactions and scaling of CBDCs “if and when they are deployed into the financial ecosystem.”

What do you think about SWIFT’s CBDC connector and the launch of its new CBDC sandbox? Tell us in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory