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.
The Future Of Finance: A Conversation At Benzinga
The Benzinga Future of Digital Assets conference, taking place on Nov. 19, promises to be a valuable platform for investors, industry leaders, and anyone interested in navigating this evolving financial landscape.
Join the conversation and gain insights from experts at the forefront of the digital asset revolution.
Read Next: Is Your Crypto Investment Funding Terrorism? Senator Warren Sounds Alarm
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
