SWIFT’s plans to connect a rapidly growing number of CBDCs with the existing financial framework are receiving backlash on social media.
What Happened: Mark Jeffrey took to X (formerly Twitter) to voice his concerns about CBDCs, describing CBDCs as the “ultimate totalitarian tool” and calling for resistance against them.
He also criticized SWIFT for its centralized, non-transparent nature and suggested it should be phased out.
Why It Matters: Jeffrey’s tweet is a reaction to the global bank messaging network announcing plans to launch a new platform within the next one to two years.
This platform aims to connect the emerging CBDCs with the existing financial system.
Nick Kerigan, SWIFT's head of innovation, revealed that the new platform is expected to coincide with the launch of the first major CBDCs. He stated, "We are looking at a roadmap to productize (launch as a product) in the next 12-24 months. It's moving out of experimental stage towards something that is becoming a reality."
Jeffrey’s resistance to CBDCs and a centralized platform like SWIFT highlights the ongoing debate about the balance between centralization and decentralization in the financial world.
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