Financial institutions in North America, Europe, and Asia are preparing to take part in upcoming digital asset trials orchestrated by SWIFT.
Announced on October 3, these trials are set to begin in 2025 and will investigate the execution of transactions involving multiple digital currencies.
The initiative aims to provide a streamlined approach for banks to access a range of digital assets and currencies. The first phase will focus on critical areas such as payments and foreign exchange, allowing for various transaction types, including multi-ledger operations.
SWIFT’s announcement highlights the urgent need to address the fragmented landscape created by numerous disconnected platforms in the digital asset market, which complicates global adoption. By integrating these networks with traditional currencies, SWIFT hopes to enable seamless transactions.
Tom Zschach, chief innovation officer at SWIFT, underscored the importance of ensuring digital currencies can operate alongside established financial systems.
While specific digital assets for the trials remain unspecified, SWIFT continues to explore advancements in blockchain technology, tokenization, and central bank digital currencies (CBDCs) through various collaborative projects.
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