The Potential of CBDC in Cross-Border Transactions
According to reports, Yang Wen, president of Swift China, said in an interview that CBDC was regarded as the next generation currency with great potential in c…
According to reports, Yang Wen, president of Swift China, said in an interview that CBDC was regarded as the next generation currency with great potential in cross-border transactions. CBDC can play an important role in the field of cross-border payment, but if it is to give full play to its potential, the interaction between different CBDC systems and existing non-CBDC payment infrastructure is crucial. To give full play to the potential of CBDC in cross-border transactions, the collaboration of the global financial community is another key element. The market needs an environment that allows all parties of the financial community to participate, test and cooperate with customers in an open and innovative way. To this end, Swift built a CBDC sandbox and visual interface. It is reported that 18 institutions around the world, including central banks, market infrastructure and commercial banks, are using the sandbox to evaluate potential use cases and broader CBDC interactivity.
President of SWIFT China: CBDC can play an important role in cross-border payment
Interpretation of the news:
According to a recent interview with the President of Swift China, Yang Wen, CBDC (Central Bank Digital Currency) is being regarded as the next generation currency that has great potential in cross-border transactions. CBDC has the ability to play a crucial role in the area of cross-border payment, however, for it to fulfill its full potential, it is vital for there to be interaction between different CBDC systems and existing non-CBDC payment infrastructures. The global financial community’s collaboration is another key component that can give full play to the potential of CBDC in cross-border transactions.
The financial community must strive to create an environment that allows all parties to participate, test and cooperate with customers in an open and innovative way. A CBDC sandbox and visual interface have been established by Swift to aid in achieving this goal. According to reports, 18 institutions, including central banks, market infrastructure, and commercial banks, are utilizing the sandbox to evaluate potential use cases and broader CBDC interactivity.
The use of CBDC has the potential to make cross-border payments much faster and more efficient than ever before. It can facilitate real-time payments, enhance transparency, reduce counterparty risk, and lower transaction costs. Cross-border payments have been historically complicated, slow, and costly due to the need for multiple intermediaries and the involvement of different currencies. CBDC has the ability to simplify the entire process, thus making it faster and less expensive.
CBDC can also assist in promoting financial inclusion. In many parts of the world, a large portion of the population is excluded from the banking system, creating hardship for those trying to send and receive money across borders. The use of CBDC could provide a low-cost alternative to traditional financial services.
In conclusion, the potential for CBDC in cross-border transactions is immense. However, for CBDC to realize its full potential, the involvement of the global financial community is crucial. The creation of an environment that allows for interaction between different CBDC systems and existing payment infrastructures, as well as the collaboration of financial institutions in testing and evaluating CBDC’s potential use cases, will be vital in realizing its potential. The use of CBDC can make cross-border payments faster, cheaper, and more efficient, while also promoting financial inclusion.
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