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SWIFT Releases Plan for Digital Currency

时间:2022-10-11 07:06来源:互联网 提供网友:nan   字体: [ ]
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Financial messaging system SWIFT has released plans for a worldwide central bank digital currency (CBDC) network.

The plan is the result of eight months of tests using different technologies and currencies.

SWIFT's tests looked at how CBDCs could be used internationally and changed into traditional money if needed. For the last month, the trial has involved France and Germany's central banks and international banks like HSBC, Standard Chartered and UBS.

Around 90 percent of the world's central banks are now using, testing, or studying CBDCs. Reuters reports that they are struggling with its technological1 complexities2.

Nick Kerigan is SWIFT's head of innovation. He described SWIFT's plan as a bicycle wheel in which 14 central and business banks are connected to a central point, its main hub. The tests will be followed by additional testing over the next year.

The idea is that once the plan is in place, banks may need only one main international connection rather than thousands of connections with each partner

Kerigan said, "We believe that the number of connections needed is much fewer." He said this would likely mean that there will be fewer breaks in the chain and that it will likely be more efficient.

However, CBDCs have also raised concerns about privacy and central control of private financial dealings.

SWIFT's trial also tested a group of different CBDC technologies known as Distributed Ledger3 Technologies. But, the use of many different technologies presents a barrier to quickly putting the plan into effect around the world.

A separated trial was carried out with financial companies Citi, Clearstream and Northern Trust. It involved "tokenization." "Tokenization" is a measure used to secure sensitive information. The test aimed to use digital "tokens" to trade property like stocks and bonds.

Some countries such as the Bahamas and Nigeria say they already have CBDCs. China has been developing a digital currency called the e-yuan. And Reuters says the Bank for International Settlements has also been running cross-border trails.

SWIFT says it is in a good position because it has an existing network used in over 200 countries and connects more than 11,500 banks and funds.

SWIFT is a member-owned cooperative group based in Belgium. It gained attention after it cut most of Russia's banks from its network to punish Russia for invading Ukraine.

Kerigan said a new CBDC system could also bar countries from taking part in it. But he did not know whether it would stop countries from joining one.

He said most central banks want to provide CBDC for the people, the businesses, and the organizations in their areas.

He added, "So a solution that's fast and efficient and that gains access to as many other countries as possible would seem to be an attractive one."

Words in This Story

digital --– adj. using or characterized by computer technology

currency – n. the money that a country uses

innovation – n. the act or process of introducing new ideas, devices, or methods

chain – n. a series or group of things or people that are connected to each other in some way

efficient – adj. capable of producing desired results without wasting materials, time, or energy

fund (mutual fund) –n. an investment that contains many different kinds of securities that is supervised by financial experts

access – n. a way of being able to use or get something

attractive – adj. having a feature or quality that people like


点击收听单词发音收听单词发音  

1 technological gqiwY     
adj.技术的;工艺的
参考例句:
  • A successful company must keep up with the pace of technological change.一家成功的公司必须得跟上技术变革的步伐。
  • Today,the pace of life is increasing with technological advancements.当今, 随着科技进步,生活节奏不断增快。
2 complexities b217e6f6e3d61b3dd560522457376e61     
复杂性(complexity的名词复数); 复杂的事物
参考例句:
  • The complexities of life bothered him. 生活的复杂使他困惑。
  • The complexities of life bothered me. 生活的杂乱事儿使我心烦。
3 ledger 014xk     
n.总帐,分类帐;帐簿
参考例句:
  • The young man bowed his head and bent over his ledger again.那个年轻人点头应诺,然后又埋头写起分类帐。
  • She is a real accountant who even keeps a detailed household ledger.她不愧是搞财务的,家庭分类账记得清楚详细。
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