US financial messaging system, SWIFT sets out blueprint for central bank digital currency network

Following an eight-month experiment with various technologies and currencies, US financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency network.

The trial, which for the last month has involved both France and Germany's national central banks, examined how central bank digital currencies could be used worldwide and even turned into fiat money if necessary.

Around 90 per cent of the world's central banks are now using, trialling or looking into CBDCs.