According to the latest reports, it looks like SWIFT is getting ready to launch a CBDC and challenge BRICS currency. Check out the latest reports about this below.
SWIFT to launch CBDC
The global bank messaging system SWIFT is reportedly planning to launch a new Central Bank Digital Currency (CBDC).
The SWIFT CBDC is a notable advancement in the evolving financial landscape that aims to challenge the dominant position of the US dollar.
This new digital ecosystem is currently in its early stages of development and could potentially be launched within the next 12 to 24 months. The emergence of the SWIFT CBDC creates a direct rival for the yet-to-be-released BRICS currency.
Nick Kerigan, who is SWIFT’s Head of Innovation, has confirmed that a new Central Bank Digital Currency (CBDC) is in the works.
This means that over the next two years, the Western financial system could be put on the path to recovery in a world where the US dollar is no longer the dominant currency.
In the near future, trades made through the SWIFT system could be settled in CBDCs, which will serve as a reality check for BRICS nations. The payment system is currently being refined in response to BRICS’ plans to launch a new currency.
Apart from SWIFT, almost 90% of the world’s Central Banks are researching and testing Central Bank Digital Currencies (CBDCs), with some having already begun pilot runs.
Holy Sh*t…SWIFT Just Announced New CBDC Platform https://t.co/b0nNwWgz3Z
— George Gammon (@GeorgeGammon) March 27, 2024
CBDCs could potentially bring about a new era in finance, and the West is keen on leading the way in this area, ahead of BRICS.
Reuters press agency noted the following:
“Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system, it has told Reuters.”