New global platform for central bank digital currencies (CBDCs) to change banking system?

By Business Reporter

Dubai: Do you keep seeing the word ‘SWIFT’ whenever you bank or transact money across countries? It is simply a central bank-governed network, which banks globally use to communicate with each other securely, mainly to give instructions for transferring funds between accounts.

Why is this relevant now? This global bank messaging network said last week that it will plan a new platform within the next two years to connect the central bank digital currencies (CBDCs), now in development, to the existing finance system.