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SWIFT is changing the rules of the game: what awaits cryptocurrencies in 2025

In 2025, SWIFT plans to conduct live trials of transactions with tokenized assets and digital currencies, the company announced last Thursday. This was reported by the British news agency Reuters.

What is SWIFT: a brief explanation

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global economic network that provides secure and unified communication services between banks and other financial organizations around the world. The organization was founded in 1973. SWIFT is used to transmit payment instructions, interbank transfers, exchange information on securities trading and other financial messages.

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What innovations does SWIFT plan to introduce?

Banks and asset managers have been tossing around the idea of turning bonds into digital tokens for several years now. They expect that blockchain tokens representing a part of an asset will not only make trading faster and cheaper, but also eliminate unnecessary intermediaries. However, this idea is still on hold due to regulatory concerns.

Approximately 90% of financial institutions around the world are currently testing central bank digital currencies (CBDCs), which are electronic analogs of fiat money that facilitate trading of assets on the blockchain. Conservative monetary systems are trying to keep up with the technological advances in financial markets that cryptocurrencies like Bitcoin have made possible.

SWIFT, a key player in the global banking structure, is actively involved in pilot projects for the launch of CB tokens. In March, the company launched a new platform that connects the CBDCs under development with the current financial system.

"The industry is now ready to move from tests to a real game, where digital assets will start to actively turn over, and there will be a counterparty with real money on the other end," he said.Nick CarriganHead of Innovation at SWIFT.
"We are planning this transition for next year, but everything will be under strict control," he added.

Despite the huge potential of the initiative, market segmentation is slowing down its scaling. Only a few projects have gone beyond the banks' internal systems.

SWIFT's latest project covers the use of different types of digital assets on different platforms. If the company succeeds in implementing its plans, cryptocurrencies will have a lot of success. So we are watching with interest.

SWIFT is changing the rules of the game: what awaits cryptocurrencies in 2025

What innovations does SWIFT plan to introduce?

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