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Swift and China's central bank form JV

Swift and China's central bank form JV

Swift has set up a joint venture with the Chinese central bank's digital currency research institute and clearing centre.

China’s Cross-border Interbank Payment System and the Payment & Clearing Association of China are also part of the JV, called Finance Gateway Information Services Co.

While the venture raises the possibility of China looking to take its digital yuan global, Swift says in a statement to Reuters that "its services will be limited in scope and entirely focused on maintaining compliance with applicable regulations in China".

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