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SWIFT says blockchain integration ‘more plausible’ than unifying CBDCs

Published 08/31/2023, 08:31 AM
Updated 08/31/2023, 10:20 AM

Bank messaging network SWIFT has recently shared a report highlighting how SWIFT can connect with blockchains and solve the issue of interoperability between different blockchain networks.

In its report titled “Connecting blockchains: Overcoming fragmentation in tokenised assets,” SWIFT concluded that a more incremental approach that interlinks existing systems to blockchains is “more plausible” for market development in the near term, compared to bringing together central bank digital currencies (CBDCs), tokenized deposits and assets in a single unified ledger.

Diagram demonstrating how SWIFT can connect financial institutions with various blockchains. Source: SWIFT

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