{"id":1673757,"date":"2022-10-05T10:58:42","date_gmt":"2022-10-05T14:58:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1673757"},"modified":"2022-10-05T10:58:53","modified_gmt":"2022-10-05T14:58:53","slug":"swift-sets-out-blueprint-for-central-bank-digital-currency-network","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/swift-sets-out-blueprint-for-central-bank-digital-currency-network\/","title":{"rendered":"SWIFT sets out blueprint for central bank digital currency network"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fswift-sets-out-blueprint-for-central-bank-digital-currency-network%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1673757&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Marc Jones<\/p>\n<p>LONDON (Reuters) -Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>The trial, which for the last month has involved both France and Germany\u2019s national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked at how CBDCs could be used internationally and even converted into fiat money if needed.<\/p>\n<p>Around 90% of the world\u2019s central banks are now using, trialling or looking into CBDCs. Most don\u2019t want to be left behind by bitcoin and other cryptocurrencies, but are grappling with technological complexities.<\/p>\n<p>SWIFT\u2019s head of innovation Nick Kerigan said its trial, which will be followed by more advanced testing over the next year, resembled a bicycle wheel where 14 central and commercial banks in total connected spoke-like into its main hub.<\/p>\n<p>The idea is that once scaled-up, banks may need only one main global connection, rather than thousands if they were to set up connections with each counterpart individually.<\/p>\n<p>\u201cWe believe that the number of connections needed is much fewer,\u201d Kerigan said. \u201cTherefore, you are likely to have fewer breaks (in the chain) and you are likely to achieve greater efficiency.\u201d <\/p>\n<p>CBDCs are being seen as a step forward as they could effectively be programmed to meet both governments\u2019 and individuals\u2019 specific needs, although they have also raised concerns about privacy and surveillance.<\/p>\n<p>SWIFT\u2019s trial also tested different underlying CBDC technologies known as Distributed Ledger Technologies. The use of various technologies has also been raised as a potential hurdle for rapid global adoption.<\/p>\n<p>There was a separate trial too carried out with Citi, clearing house Clearstream and Northern Trust on \u2018tokenised\u2019 assets \u2013 traditional assets like stocks and bonds transformed into digital tokens that can then be issued and traded in real-time.  <\/p>\n<p>Some countries such as the Bahamas and Nigeria already have CBDCs up and running. China is well advanced with real-life trials of an e-yuan, while central bank umbrella group, the Bank for International Settlements, has also been running cross-border trials.<\/p>\n<p>SWIFT\u2019s main advantage though is that its existing network is already usable in over 200 countries and connects more than 11,500 banks and funds.<\/p>\n<p>The Belgium-based firm has gone from being virtually unknown outside banking circles to a household name this year after it cut most of Russia\u2019s banks off from its network as part of the West\u2019s sanctions for the country\u2019s invasion of Ukraine.<\/p>\n<p>Kerigan said that kind of move could also happen in a new CBDC system, but doubted whether it would stop countries joining one.<\/p>\n<p>\u201cUltimately what most central banks are looking to do is to provide us with a CBDC for the people, the businesses and the organisations in their jurisdiction.\u201d <\/p>\n<p>\u201cSo a solution that\u2019s fast and efficient and that gains access to as many other countries as possible would seem to be an attractive one.\u201d<\/p>\n<p> (Additional reporting by Tom Wilson Editing by Ana Nicolaci da Costa and Mark Potter)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/swift-sets-out-blueprint\/attachment\/illustration-picture-of-the-app-for-chinas-digital-currency\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9408Q-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9408Q-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Marc Jones LONDON (Reuters) -Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1673757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1673757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1673757"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1673757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1673757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1673757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1673757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}