{"id":155461,"date":"2023-09-14T03:10:13","date_gmt":"2023-09-13T21:40:13","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=155461"},"modified":"2023-09-14T03:10:13","modified_gmt":"2023-09-13T21:40:13","slug":"swift-enrolls-3-central-banks-in-cbdc-interoperability-beta-test-expands-sandbox-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/swift-enrolls-3-central-banks-in-cbdc-interoperability-beta-test-expands-sandbox-crypto-news\/","title":{"rendered":"SWIFT enrolls 3 central banks in CBDC interoperability beta test, expands sandbox – Crypto News"},"content":{"rendered":"
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Three central banks have joined the beta phase of bank messaging platform SWIFT\u2019s central bank digital currency (CBDC) interoperability project, the company announced Sept. 13. It has also entered a new phase of sandbox testing, it said.<\/p>\n

The Hong Kong Monetary Authority, the Central Bank of Kazakhstan and an unnamed central bank have integrated their infrastructure with SWIFT\u2019s \u201cCBDC connector solution\u201d for direct testing, the company said<\/a>.<\/p>\n

The first phase of sandbox testing began in March with a lineup<\/a> of over 18 participants, including Royal Bank of Canada, Banque de France, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, BNP Paribas, Monetary Authority of Singapore, HSBC, Deutsche Bundesbank and NatWest. It conducted over 5,000 transactions in the course of 12 weeks. Now the number of participants will top 30.<\/p>\n

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Today’s #Fintech<\/a> Digest includes SWIFT beta testing interlinking #CBDC<\/a> with existing fiat infrastructures, and Telegram integrating The Open Network (TON) based self-custodial crypto wallet into its 800 million active user messaging platform. https:\/\/t.co\/37R1YAVtMC<\/a> pic.twitter.com\/HkaxqEzPKF<\/a><\/p>\n

\u2014 John Kiff (@Kiffmeister) September 13, 2023<\/a><\/p><\/blockquote>\n

SWIFT has created several projects involving CBDCs, including a wholesale CBDC project<\/a> in conjunction with the New York Federal Reserve Bank using a regulated liability network. <\/p>\n

Related: SWIFT says blockchain integration \u2018more plausible\u2019 than unifying CBDCs<\/a><\/em><\/strong><\/p>\n

SWIFT messaging connects over 11,500 financial institutions worldwide. It has an uncomfortable relationship with CBDCs because the new technology could compete with it in many circumstances. The various CBDC bridging projects supported by the Bank for International Settlements are examples of this potential. Competition breeds innovation, though. <\/p>\n

SWIFT announced<\/a> in August that 89% of the transactions it accommodates are processed within an hour, surpassing the G20’s goal of 75% one-hour settlements by 2027. Moreover, 84% of transactions on the network \u201care conducted directly or with a single intermediary.\u201d However, it noted that, in practice, only 60% of wholesale payments are concluded in an hour due to regulatory controls, working hours and batch processing. <\/p>\n

Magazine: Decentralized identity: Proving it\u2019s really you in the 21st Century<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Three central banks have joined the beta phase of bank messaging platform SWIFT\u2019s central bank digital currency (CBDC) interoperability project, the company announced Sept. 13. It has also entered a new phase of sandbox testing, it said. The Hong Kong Monetary Authority, the Central Bank of Kazakhstan and an unnamed central bank have integrated their […]<\/p>\n","protected":false},"author":2,"featured_media":155462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-155461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/155461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=155461"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/155461\/revisions"}],"predecessor-version":[{"id":155464,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/155461\/revisions\/155464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/155462"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=155461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=155461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=155461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}