SWIFT Plans Launch Of Platform Connecting Central Bank Digital Currencies With Global Banking System
Portfolio Pulse from Benzinga Neuro
SWIFT, the global bank messaging network, plans to launch a platform within 1-2 years to connect central bank digital currencies (CBDCs) with the global banking system. This move, coinciding with the launch of major CBDCs, aims to integrate these digital currencies into the existing financial infrastructure. A recent trial involving 38 central banks and commercial banks demonstrated the feasibility of using existing banking infrastructure for CBDC transactions, marking a significant step towards the adoption of digital currencies in global finance.
March 26, 2024 | 9:42 am
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The integration of CBDCs into the global financial system through SWIFT's new platform may influence the perception and utility of cryptocurrencies like Bitcoin, potentially affecting its market dynamics.
While the article does not directly discuss the impact on Bitcoin's price, the integration of CBDCs into the global financial system, facilitated by SWIFT, could have indirect effects on the perception and utility of cryptocurrencies like Bitcoin. This could influence investor sentiment and market dynamics for Bitcoin, although the exact impact is uncertain and would depend on various factors including the adoption rate of CBDCs and their interoperability with cryptocurrencies.
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