Central bank digital currencies (CBDCs) can compete with the international cross-border payments system SWIFT. The first vice-president of the Central Bank of the Russian Federation Olga Skorobogatova expresses this opinion.
First, she notes that many central banks are now working on their own CBDCs.
Then, in his opinion, with the release of CBDC, the SWIFT system might not be needed due to other technological interactions. At the same time, it can be used as one of the platforms for digital currencies, Skorobogatova added.
Finally, Alexei Zabotkin, notes that it will only be possible to “seriously address” the use of CBDCs for international settlements after their practical implementation in certain jurisdictions.
Read more: https://www.explica.co/central-bank-of-the-russian-federation-central-bank-digital-currencies-could-become-swifts-competitors/