Gold $2,600

3.27.24 - Gold $2,600

Gold last traded at $2,192 an ounce. Silver at $24.58 an ounce.

Swift sets industry up for seamless introduction of CBDCs for cross-border transactions as interlinking solution finds more use cases -swift.com

The brave, new world of banking and finance appears to have arrived. Swift has created and tested a platform that will allow governments and institutions alike to conduct commerce with one another in a central bank digital currency (CBDC). This happens at a cost to our personal liberties as well as our financial privacy.

Swift today announced the findings of the second phase of industry-wide sandbox testing on its central bank digital currency (CBDC) interlinking solution, with the results showing that its connector can enable financial institutions to carry out a wide range of financial transactions using CBDCs and other forms of digital tokens, easily incorporating them into their business practices.

In one of the largest known collaborations on CBDCs, 38 institutions - including central and commercial banks as well as market infrastructures - took part in experiments which found that Swift's solution has the potential to simplify and speed up trade flows, unlock growth in tokenised securities markets, and enable efficient FX settlement - all while allowing financial institutions to continue to make use of their existing infrastructure.

Interoperability is critical to Swift's strategy for instant and frictionless transactions. The cooperative has focused its innovation agenda on interoperability between digital currencies and tokenised assets to overcome the potential risk of fragmentation, caused by the development of digital currencies on different technologies and with different standards and protocols. Swift's solution has already been shown to enable cross-border transfers and connect CBDCs on different networks with each other, as well as with fiat currencies