{"id":7649,"date":"2022-10-05T19:46:25","date_gmt":"2022-10-05T19:46:25","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7649"},"modified":"2022-10-05T19:46:26","modified_gmt":"2022-10-05T19:46:26","slug":"swift-shows-cbdcs-tokenized-assets-can-be-integrated-into-global-financial-system","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7649","title":{"rendered":"SWIFT shows CBDCs, tokenized assets can be integrated into global financial system"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>Global financial messaging provider SWIFT has developed an infrastructure to facilitate the integration of different central bank digital currencies (CBDCs) and tokenized assets into the global financial system.<\/p>\n<p>SWIFT is a financial messaging platform that connects about 11,500 financial institutions across 200 countries to execute instant, frictionless, and interoperable cross-border transactions.<\/p>\n<p>With the advent of blockchain technology, SWIFT moved to address the challenge of interoperability between different blockchain networks and the existing financial systems.<\/p>\n<p>SWIFT announced on Oct. 5, that its infrastructure has proved successful after two separate experiments, addressing CBDCs and tokenized asset integration.<\/p>\n<p>SWIFT collaborated with Capgemini to complete a CBDC-to-CBDC transaction on different blockchains. The experiment also executed a fiat-to-CBDC transfer successfully.<\/p>\n<p>SWIFT Chief Innovation Officer Tom Zschach said that the innovation could help address CBDC\u2019s need for interoperability with the existing financial system.<\/p>\n<p>Zschach added:<\/p>\n<p>\u201cFor CBDCs, our solution will enable central banks to connect their own network simply and directly to all other payments systems in the world through a single gateway, ensuring the instant and smooth flow of cross-border payments.\u201d<\/p>\n<h2>SWIFT for tokenized assets<\/h2>\n<p>According to the World Economic Forum (WEF), the market for tokenized assets could reach a valuation of $24 trillion by 2027. Tapping into its potential to provide greater market liquidity. SWIFT developed its infrastructure to connect multiple tokenization platforms.<\/p>\n<p>SWIFT partnered with Citi, Clearstream, Northern Trust, and SETL to simulate 70 market scenarios for the issuance and transfer of tokenized bonds, equities, and cash.<\/p>\n<p>The platform successfully served as a single access point for the creation, transfer, and redemption of tokenized assets. It also provided interoperability between multiple tokenization platforms.<\/p>\n<p>Zschach said:<\/p>\n<p>\u201cTokenization has great potential when it comes to strengthening liquidity in markets and increasing access to investment opportunities, and SWIFT\u2019s existing infrastructure can ensure these benefits can be realized at the earliest opportunity, by as many people as possible.\u201d<\/p>\n<h2>Central banks exploring CBDC interoperability<\/h2>\n<p>Bank of International Settlement (BIS) recently completed the multiple CBDC \u201cmBridge project\u201d which facilitated the transfer of $22 million worth of CBDC across four Asian central banks of Hong Kong,\u00a0 Thailand, China, and the UAE.<\/p>\n<p>Sweden\u2019s central bank also partnered with the BIS, central banks of Israel, and Norway to facilitate cross-border CBDC payments.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/swift-shows-cbdcs-tokenized-assets-can-be-integrated-into-global-financial-system\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global financial messaging provider SWIFT has developed an infrastructure to facilitate the integration of different central bank digital currencies (CBDCs) and tokenized assets into the global financial system. SWIFT is a financial messaging platform that connects about 11,500 financial institutions across 200 countries to execute instant, frictionless, and interoperable cross-border transactions. With the advent of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-7649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7649"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7649\/revisions"}],"predecessor-version":[{"id":7651,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7649\/revisions\/7651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7650"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}