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SWIFT vs CBDC Transaction
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[QUOTE="Mika, post: 249205, member: 29399"] CBDC will not close SWIFT. First of all, you need to understand how SWIFT works. When someone from the US sends funds to a person in the UK, banks (sender's banks and receiver's banks) use a mediator called SWIFT. In this profess, actual money is not transferred. For example, when the sender sends USD from the US, his bank does not send the USD banknotes. The receiver in the UK will receive an equivalent amount in GBP. SWIFT performs this transaction electronically, only the amount in figures is credited to the receiver's bank account. CBDC on the other hand is a currency created by the central bank by creating the fiat reserve. It is just a digital version of fiat money. Therefore, you will still need middlemen like SWIFT to make the transfer possible when someone from one country is sending CBDC to another country because CBDC used by the sender will be different from the CBDC in the receiver's country. [/QUOTE]
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SWIFT vs CBDC Transaction
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