SWIFT to launch a central bank digital currency in a year or two
s in, folks, because the global bank messaging giant SWIFT is shaking things up in the finance world. Within the next year or two, they’re rolling out a brand spanking new platform. This isn’t just any old update; we’re talking about a groundbreaking bridge between the burgeoning realm of central bank digital currencies (CBDCs) and […]
Trust Wallet introduces Swift, revolutionizing crypto smart contract accessibility
Trust Wallet, a leading name in mobile self-custody Web3 wallets, has taken a significant step forward by introducing the public beta phase of SWIFT, its latest smart contract wallet innovation. This introduction marks a pivotal moment in the company’s efforts to demystify and bolster Web3 accessibility, aiming to onboard the next billion users into the […]
BRICS calls SWIFT out for being biased towards US dollar
BRICS has thrown down the gauntlet, calling out the SWIFT system for its blatant favoritism towards the US dollar, tagging it as not just unfair but a financial black hole for countries forced to dance to its tune. Basically, every time a country tries to make a move in the global marketplace, it has to […]
Why is BRICS expansion such a huge threat to SWIFT and U.S.?
The expansion of BRICS, a coalition of emerging national economies, is stirring up a financial storm, particularly for the U.S. and the global SWIFT payment system. The growing influence of BRICS, now encompassing nine nations, is poised to reshape global financial dynamics. This alliance isn’t just expanding its membership; it’s challenging the long-standing dominance of […]
China drives BRICS initiative for CBDC as SWIFT replacement
In a bold stride toward financial sovereignty, the BRICS bloc, fortified by China’s pioneering efforts, is advancing towards an innovative central bank digital currency (CBDC) system. This initiative, distinct from the traditional Western-dominated financial frameworks, marks a significant pivot in global economic operations. As China converges with partners like the United Arab Emirates (UAE), the […]
China’s yuan dethrones euro on SWIFT – Details
China is no longer content to let its currency, the yuan, sit in the shadows. With aggressive moves, China has made its intentions clear: it wants the yuan to stand tall against the leading global currencies. The recent data reflecting its performance on SWIFT paints an unambiguous picture. It’s not just about challenging the US […]
SWIFT’s CBDC test: Central banks join the fray
The ever-evolving world of banking has been stirred once more. Three more central banks, in a move symbolizing adaptation to our digital age, have jumped aboard SWIFT’s digital currency project. Notably, this interbank messaging platform, which has long been the spine of the global banking network, is now steering into the uncharted waters of Central […]
SWIFT and Chainlink team up to unlock the future of tokenized assets: Details
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global financial messaging network, announced results from a series of experiments that demonstrated its capability to facilitate the transfer of tokenized assets across various public and private blockchains. The experiments aimed to address the fragmentation of tokenized assets, which has been a significant hurdle for investors […]
Russian banks face prolonged SWIFT disconnection
In an unfolding scenario that further isolates Russia from the global banking system, the European Union (EU) has signaled it won’t be permitting Russian banks to re-establish links with the Society for Worldwide Interbank Financial Telecommunications (SWIFT) in the near future. Peter Stano, spokesperson for the EU’s external affairs, was unequivocal in his statement, clarifying […]
Russia is working on something that will replace SWIFT
The geopolitical landscape is evolving as Russia endeavors to develop an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, in an attempt to foster a resilient and independent financial architecture. This initiative is part of the country’s broader efforts to de-dollarize its economy, representing a significant shift in global economic mechanisms. Russia […]
SWIFT’s CBDC pilot test shows promising results for cross-border payment
On March 9, SWIFT, the global interbank messaging platform, released a statement announcing positive outcomes from their pilot test connecting various Central Bank Digital Currencies (CBDCs). The encouraging results suggest increased collaboration between central banks and financial institutions. During a 12-week testing period, SWIFT simulated nearly 5,000 transaction scenarios between blockchain networks and existing fiat […]
SWIFT announces plans to test CBDCs interoperability
SWIFT, one of the biggest messaging platforms globally, has revealed that it is planning on testing several CBDCs. According to the platform, the sim of the test is to ensure that the CBDCs are fit for cross-border transfer. In a statement by the company, the test will be carried out by interlinking the several CBDCs […]
