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Central and commercial banks see “clear potential and value” in Swift’s pioneering CBDC interoperability solution, following successful testing in a sandbox environment.
Central bank digital currencies (CBDCs) are gaining momentum. But as central banks around the world continue to explore the potential use of digital money in their local markets, how can we ensure that the evolving global payments landscape can continue to seamlessly interoperate, regardless of the form value takes?
Enabling global CBDC interoperability is an key focus for Swift. In October last year, we announced that we had successfully developed a solution to enable CBDCs to move between DLT-based and fiat-based systems using existing financial infrastructure. We’ve now tested the solution in a sandbox environment with 18 central and commercial banks. Participants expressed strong support for the solution’s continued development, noting that it enabled seamless exchange of CBDCs, even those built on different platforms.