Bittime - The world of international finance is headed for major changes. Global banking messaging system SWIFT is planning to launch its own Central Bank Digital Currency (CBDC). This is a significant development that could shake the dominance of the United States dollar (USD).
This new digital ecosystem is still in the early stages of development and is expected to launch in the next 12 to 24 months. The presence of CBDC SWIFT has the potential to become a strong competitor to the BRICS currency which has not yet been officially released.
Check Today's Crypto Market:
Nick Kerigan, Head of Innovation at SWIFT, confirmed plans to launch a CBDC. This provides hope for the recovery of the Western financial system amidst the de-dollarization trend.
In two years, transactions in the SWIFT system may be settled using CBDC, thus posing a real challenge for the BRICS countries.
Also read: What is Digital Asset?
Apart from SWIFT, almost 90% of central banks around the world are exploring CBDC, some have even conducted trials. CBDC has the potential to bring the world into a new financial era, and Western countries do not want to lose out to BRICS in this regard.
BRICS vs. CBDC SWIFT: The Battle in the World of Digital Finance
Kerigan revealed that the SWIFT CBDC had undergone a six-month trial involving 38 central banks, commercial banks and settlement platforms. This is the largest global collaboration regarding CBDCs and tokenized assets to date.
If everything goes smoothly, CBDC SWIFT has the opportunity to be launched faster than the BRICS currencies on the global stage.
Also Read How To Buy Crypto:
"We are moving towards a roadmap for productization (product launches) in the next 12-24 months," Kerigan told Reuters.
"It's gone from the experimental stage to something close to reality," he continued.
The BRICS countries' dream of breaking away from USD dependence could become more difficult if CBDC SWIFT becomes a common payment method. This new digital payment system has the potential to be launched much earlier than its competitors.
In the next few years, the fate of CBDC SWIFT and BRICS currencies in the international financial arena will be determined.
Check Crypto Prices Today:
Dear Beli Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the Complete Guide on How to Buy Crypto at Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Wholesale CBDC vs Retail CBDC: Here's What You Need to Know!
What is online vs offline CBDC?
CBDC: Safe and Practical Digital Money of the Future!
CBDC: New Digital Currency Plans in the Philippines
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.