MNBCs, “potential” for the future? Swift attacks phase 2 of its blockchain project

SWIFT eyeing MNBCs – Since their creation, the cryptocurrencies are far from unanimous among the banks. Nevertheless, their alter egos Central Bank Digital Currencies as for them, they are much more accepted. So much so that SWIFT is considering their use for cross-border transfers.


SWIFT continues its quest for MNBCs

THE MNBC Or Central Bank Digital Currency, are the opposite of cryptocurrencies. Where Bitcoin wants to create a decentralized, immutable and transparent system, MNBCs are centralized and opaque, like the banking system.

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The centralized nature of MNBCs makes them a perfect choice for interbank projects

It is thus not surprising to see these currencies used within the framework of interbank projects.

Indeed, in a statement published Thursday, March 9, the company of SWIFT interbank messaging claimed that his project to connect MNBCs offered “clear potential and value”.

Behind the scenes, the project brings together banks such as BNP Paribas in France, Intesa Sanpaolo in Italy and Standard Chartered (STAN) in the United Kingdom. We also find there the French and Singaporean central banks.

Through the announcement, SWIFT said the project will now move into a second phase of testing. The objective is to assess and test the relevance of applications such as trade finance and securities settlement.

“While interest in CBDCs is growing, the risk of fragmentation is also growing as an increasing array of technologies and standards are experimented with. »

Lewis Sun, global head of domestic and emerging payments at HSBC.

To justify this project, Lewis Sun adds that it could lead to “faster, cheaper and safer cross-border payments”.

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MNBCs do you want some here

Since the creation of bitcoinmost states have been reluctant or even hostile to the use of cryptocurrencies.

However, central bankers become lambs when it comes to cryptocurrency issued and fully controlled by central banks.

Thus, in turn, many countries are embarking on the field of MNBC. We can cite in particular the case of the Chinawho has already set out to deploy its digital yuan on a large scale.

Still in Asia, the Japan recently unveiled the launch of an MNBC in May 2023.

closer to home, England continues to consider the possibility of a Digital Bookalready imagining its limits.

For its part, the European Central Bank is also considering the creation of a digital euro. However, it still remains unclear as to the confidentiality characteristics of transactions. Indeed, it would be up to national legislators to legislate.

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