SWIFT Goes Digital
SWIFT will trial live transactions through the use of digital currencies and tokenized assets in 2025. This pushes human civilization one step further towards bringing the integration of digital banking and traditional banking together. With the whole world changing and people relying more and more on digital mediums for transactions, SWIFT aims to form a bridge between these two finance systems/
Why Tokenized Assets Need Both Payment and Delivery
Banks as well as asset managers have been trying to use blockchain elements for faster and cheaper trading experiences. The difficulty they faced was with facilitating both tokenized assets as well as a secure payment system. This new platform formed by SWIFT aims to conduct real-life transactions in the traditional banking space.
Further Challenges
This project is widely appreciated but there are people who have their doubts. Not everyone is jumping on digital currency yet. While most countries are applauding the idea some have their doubts like Sweden, which is holding back due to regulatory and technical concerns. SWIFT’s trial is a light sparked in the right direction but the destination is still not clear as there’s still a long way before everyone starts using digital currencies in everyday finance.
