SWIFT Announced Conducting Cross-Border Tests for CBDC

As a result, the leading payment network intends to concentrate on enabling CBDC use on a global scale. SWIFT's Chief Innovation Officer, Tom Zschach, discussed the necessity for a uniform system. He said, 

"Facilitating interoperability and interlinking between different CBDCs being developed worldwide will be critical if we are to realize their potential fully. Today, the global CBDC ecosystem risks becoming fragmented with numerous central banks developing their digital currencies based on different technologies, standards, and protocols,"

SWIFT has already devoted time and effort to investigating CBDCs. It collaborated with Accenture on a report that discussed the practical requirements, among other things. CBDCs are thought to have a significant favorable influence on international payments. The comments in the essay are consistent with statements made by executives from other organizations and numerous central banks. As banks finalize their CBDC plans in the coming months, many more such developments may be.