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At the forefront of this transformation is the announcement of a Universal Digital Payments Network (UDPN) launched during the Davos summit. This network aims to serve as a global interoperability platform for digital currencies and stablecoins, akin to the existing SWIFT system used for international bank transfers.
The timing of this launch aligns with ongoing efforts by countries such as Russia, which are developing their own CBDCs, emphasizing the global momentum towards digital currency integration. The network’s primary goal is to facilitate seamless, cross-border transfers, reducing friction and increasing efficiency across multiple currency systems.