Yesterday SWIFT, the organization responsible for messaging most cross border payments, has started a new set of CBDC interoperability experiments partnering with Cap Gemini. It’s concerned that without interoperability, individual central bank digital currencies (CBDCs) could create new domestic silos, fragmenting the global payment landscape.
Last year SWIFT published a report with Accenture sharing work on interoperability between a CBDC and a conventional real-time gross settlement system (RTGS). It’s also conducting experiments for tokenized digital assets with Clearstream, Northern Trust and SETL.
This latest work with Cap Gemini is about enabling interoperability between different types of CBDCs, some of which might be centralized, and others might use blockchain.
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