Gairika Mitra
Banks across North America, Europe, and Asia will utilize the Swift network for live trials of digital asset and currency transactions beginning in 2025.
Swift is poised to interlink central bank digital currencies (CBDCs) globally and merge various digital asset and cash networks.
According to a press release, the initial use cases for the trials will focus on critical areas such as payments, foreign exchange (FX), securities, and trade, enabling multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions. Around 134 countries are currently exploring the implementation of CBDCs, and the tokenized asset market is projected to soar to $16 trillion by 2030.
The Swift trials will allow its global community to transact seamlessly. It will help incorporate digital assets alongside traditional forms of value using their current infrastructure.
Tom Zschach, Chief Innovation Officer at Swift, emphasized the necessity for digital assets and currencies to coexist with traditional money. “For digital assets and currencies to succeed on a global scale, it’s critical that they can seamlessly coexist with traditional forms of money,” he said.
People talked about this move on X. They noted that banks are set to use the Swift network for cryptocurrency transaction trials, following successful tests last year.
The UK Introduces Bill Recognizing Digital Assets as Personal Property
On a related note, the United Kingdom unveiled a new bill that officially classifies cryptocurrencies and other digital assets as personal property. The new legislation aims to enhance legal protection for cryptocurrency, NFTs, and other digital assets.
The Property (Digital Assets, etc.) Bill acknowledges various digital assets, including cryptocurrencies, non-fungible tokens (NFTs), and carbon credits, as personal property for the first time. The announcement highlighted that this legislation will allow these assets to be protected under English and Welsh property law.
Previously, digital assets did not hold any legal recognition as property within the laws of England and Wales. It left owners in a legal grey area if their assets were misused or compromised. This bill aims to fill those gaps, providing essential legal protection to individuals and businesses against fraud and scams.
Digital assets have been shaping the upcoming U.S. Presidential elections too. Former U.S. President and current Republican presidential candidate Donald Trump is harnessing cryptocurrency as a strategic tool in the upcoming election. This marks the first instance where crypto has taken center stage in general election campaigns. Trump is also making history as the first major party nominee to publicly support cryptocurrency trading.
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Read More
- Trump’s Crypto Play: How Digital Assets Are Shaping the 2024 US Presidential Election
- UK Introduces Bill Recognizing Digital Assets as Personal Property
- Kamala Harris Mentions ‘Digital Assets,’ but Crypto Industry, Feeling Bruised, Wants More Than Words
Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
