Crypto

SWIFT announced the launch of cryptocurrency trading

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The world's commercial and central banks will be able to start trial transactions with digital assets through the SWIFT international settlement system as early as 2025. said the press service of the company.

"Starting next year, banks in North America, Europe and Asia will begin real-world trials of digital assets and currency transactions through the SWIFT network <…> This is a giant leap forward compared to our previous experiments," - says the statement of the international financial messaging system, which is connected to more than 11 financial institutions around the world.

The message emphasizes that currently the development will be focused on creating opportunities for coordination between system participants, which will help to implement solutions in real conditions.

Thus, global banks and central banks will be able to move real money and assets in test transactions between different blockchain registrars (previously such operations were carried out exclusively in a test environment).

According to Nick Kerrigan, Head of Innovation at SWIFT, this change will bring together the various platforms on which central and commercial banks are experimenting with blockchain technology.

"For the success of digital assets and currencies on a global scale, it is essential that they can easily coexist with traditional forms of money, - said Tom Shah, Chief Innovation Officer at SWIFT. "Thanks to our global reach, we have a unique opportunity to combine both new and traditional forms of assets."

According to Bloomberg, the SWIFT trials will cover both payments and securities settlements. Kerrigan refused to name the banks that will participate in the "pilot".

Deutsche Bank, HSBC, NatWest Group, Santander, Sumitomo Mitsui Banking and Shanghai Commercial & Savings Bank previously participated in SWIFT's blockchain experiments, the media reports.

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