Follow Slashdot stories on Twitter

 


Forgot your password?
Close
typodupeerror
×
IT Technology

SWIFT Planning Launch of New Central Bank Digital Currency Platform in 12-24 Months (reuters.com) 59

Posted by msmash from the shape-of-things-to-come dept.
Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system, it has told Reuters. From the report: The move, which would be one of the most significant yet for the nascent CBDC ecosystem given SWIFT's key role in global banking, is likely to be fine-tuned to when the first major ones are launched. Around 90% of the world's central banks are now exploring digital versions of their currencies. Most don't want to be left behind by bitcoin and other cryptocurrencies, but are grappling with technological complexities.

SWIFT's head of innovation, Nick Kerigan, said its latest trial, which took 6 months and involved a 38-member group of central banks, commercial banks and settlement platforms, had been one of the largest global collaborations on CBDCs and "tokenised" assets to date. It focused on ensuring different countries' CBDCs can all be used together even if built on different underlying technologies, or "protocols", thereby reducing payment system fragmentation risks.
This discussion has been archived. No new comments can be posted.

SWIFT Planning Launch of New Central Bank Digital Currency Platform in 12-24 Months More

SWIFT Planning Launch of New Central Bank Digital Currency Platform in 12-24 Months

Comments Filter:

  • What a waste of time and money (Score:4, Interesting)

    by Teun ( 17872 ) on Wednesday March 27, 2024 @03:48PM (#64349317)
    When I want to transfer money to anyone with a euro bank account it works nearly instantaneously.
    Even a transfer to a EU country with a different currency is fast and reliable so what advantage would there be in a digital copy of my currency?

    • Re: (Score:2)

      by zekica ( 1953180 )
      CBDC is not a "digital copy" of your currency. It's more like ethereum - one can create apps that run on the blockchain, and the most common application is smart contacts.

    • The Swedish Riksbank has written papers on issuing currency bypassing banks, the Indian central bank has a test that gets rid of clearing when buying (rolling) government bonds. There are probably more interesting projects but those are two at the top of my head.

    • Re: (Score:2)

      by ceoyoyo ( 59147 )

      The EU and other civilized nations have regulations that make banks work together and limits how dickish they can be to their customers. Not every place is so lucky.

      SWIFT could use an overhaul though.

    • When I want to transfer money to anyone with a euro bank account it works nearly instantaneously.

      And when you want to transfer money to anyone without a Euro bank account?

      • Re: (Score:2)

        by Teun ( 17872 )
        That's addressed in the next line.
        Whereby I can add that this works for any bank account where the bank is a member of SWIFT.
        It can be quicker but so far it is fairly seamless.
        • You're still only comparing to EU banks. Or you were. You've now backpedaled to SWIFT banks.
          The new system (still SWIFT) will be quicker and cheaper with more than just EU banks and countries. But it's also somehow a waste of time and money? Maybe for you if you're not the target consumer. Not a waste of time and money for everyone else.

  • The grand master plan of crypto (Score:1)

    by Anonymous Coward

    The plan for all cryptocurrencies isn't what they want to make you think it is. It's more sinister than the egalitarian image the crypto boys portray for it.

    After the 2008 financial meltdown, cryptocurrencies were born out of it, declared to be the means by which people could be freed from banks/governments, and promised to avoid any such future meltdowns from happening ever again.

    But the crypto boys watched closely the result of that meltdown, and formulated their plan: create a new form of currency, and f

  • Tokenized Asset-Yield cryptoLoan-Origination Regime

  • CBD Coins, where your money goes up in smoke!

  • SWIFT Planning Launch of New Central Bank Digital Currency Platform

    Republicans: First politics now international banking. Can't Taylor just stick with singing? :-)

  • That’s a hell of an estimate. What is it a rocket? They can only launch on a solstice or something like that?

  • Bye bye privacy (Score:5, Insightful)

    by bradley13 ( 1118935 ) on Wednesday March 27, 2024 @04:49PM (#64349501) Homepage

    Modern currencies are already digital. The difference here is that all transactions in these new currencies flow over the central banks. The government has full and complete information on your financial life. The govetment can cut you off in an instant.

    This power *will* be abused.

    • Re: (Score:2)

      by Luckyo ( 1726890 )

      We've already seen what is being copied in this model too during the pandemic. Suddenly every psychopath in power realized that they can have their ultimate dream. Total control over every single individual human being, and masses won't actually fight against it in sufficient numbers to matter, and will be beaten down by their peers.

      We're at the "we're doing it and it's a good thing" stage of gaslighting.

    • Modern currencies aren't digital in the true sense of the word. CBDCs will have some additional properties, allowing the issuer (the Government) to do things like blacklist certain "coins," or specify which kind of transactions a given "coin" may or may not be used for.

      Imagine food stamps, except in the form of coins that can't be used to buy anything other than government-approved foodstuffs (bug paste, anyone?). Or imagine the Canadian truckers not having their bank accounts seized, but instead all of the

      • Exactly. All of this. A totalitarian's wet dream.

        Also, a wet dream for petty bureaucrats. I, personally, knew a guy in the US (now deceased) whose bank account was periodically drained by the IRS, because he didn't show enough respect for some local official. He'd fight and get his money back; meanwhile his bills went unpaid and his mortgage was overdue. People forget that "government" isn't some nameless, independent authority. It is made up of people, and some of those people are evil.

        You mentioned the

  • ... digital versions of their currencies.

    Currency is something I can put in my hand, wallet or phone-pouch: They're not talking about how these digital numbers will be carried. So what will the hardware be and how will security scale as code-breaking technology improves? Will there be a separate PoS device that connects two wallets, or will there be an air-drop/Square for wallets?

    Or, is this a fancy EFT?

  • SWIFT launching CBDC? If they succeed, they die. If they fail, they die.

    This is the same dilemma as Kodak in the early days of digital cameras, their main income is film, if their digital cameras succeed, they just killed their main income. If their digital camera failed, they got swept into the dustbin as horse buggy manufacturers as the world moved on to digital cameras without them.

    The SWIFT charges on transactions is more atrocious than what VISA & Mastercard charge, they get away with it because

  • CBDC (Score:2)

    by qbast ( 1265706 )
    CBDC has nothing to do with governments trying to 'keep up' with cryptoshit scam. The problem they are trying to fix is that since transactions moved almost completely online, central banks have much harder time controlling amount of money. Right now only cash is issued by CBs and all online money is created by commercial banks. So CBDC is an attempt to create 'online cash' where once again central banks and not private banks control printing.

Slashdot Top Deals

Make sure your code does nothing gracefully.

Close