The international cross-border payment system SWIFT has connected the central banks of three countries to the second stage of pilot testing of the compatibility of traditional systems with CBDC.
Participants included the Monetary Authority of Singapore, the National Bank of Kazakhstan and another regulator from an unnamed state. They have already integrated an infrastructure solution for direct transaction testing.
“We are focused on interoperability issues—ensuring that new digital currencies can seamlessly coexist with each other, as well as with fiat currencies and payment systems,” SWIFT explained.
In parallel, sandbox testing will begin in which regulators, commercial banks and financial market infrastructure representatives will explore additional use cases for CBDC, including trigger payments for digital trading platforms, currency exchange models, delivery and payment mechanisms and liquidity preservation.
The expanded pilot group included the Reserve Bank of Australia, Deutsche Bundesbank, HKMABank of Thailand, CLS payment system and others.
Let us recall that in May 2022, SWIFT announced testing the compatibility of various CBDC platforms when making cross-border payments. At the first stage, about 5,000 transactions were carried out between two blockchains and existing payment systems.
In September of the same year, the operator, together with the decentralized oracle network Chainlink, agreed to develop a mechanism that would allow traditional financial institutions to make cryptocurrency transfers.
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