• The interbank system criticizes cryptocurrencies and admits its own deficiencies.
  • SWIFT considers Facebook’s Libra as the only possible disruptor.

     Society for Worldwide Interbank Financial Telecommunications (SWIFT) - international interbank system - does not consider cryptocurrencies and blockchain payment systems as rivals.

“They go down in value like a yoyo, they’re useless and unstable. And even if crypto companies do make is stable, it’s still a basket of currencies,” SWIFT representatives said during a breakfast briefing in London on September 9. 

Notably, the organization believes that Facebook’s Libra has the potential to affect payments in the short run, provided that the contract is made within Libra.

Notably, there are about 11,000 banks and financial institutions connected to SWIFT. The system provides them with messaging capabilities and helps to move money around the globe. The system processes millions of payments daily, however, it is notoriously slow and costly.

The organization confessed that there are some issues that need to be addressed. Transaction speed and time are among of them.

 “If you want to send a payment from Australia to China after midday, you instantly have a 12-hour delay because of opening hours,” they said.

Nevertheless, the 43-year-old Belgium-based network is not troubled by the growing competitors like Ripple’s xRapid solutions that allow for instantaneous and next to free money transfers. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin adoption takes off as institutions continue to jump on the digital currency bandwagon. PayPal co-founder Peter Thiel labels BTC as China’s “Financial Weapon” against the U.S. dollar. Bitcoin price could be due for a massive move as key on-chain metrics reset and others turn bullish.

More Bitcoin News

XRP price shows that business is good for Ripple despite US legal uncertainty

Ripple partner Novatti went live earlier today, generating cross-border transactions to the Philippines. The initial focus of this partnership is to target remittances between Australia and the Southeast Asian region.

More Ripple News

Zilliqa aims for $0.26 as the odds flip in favor of the bulls

Zilliqa price is contained inside an ascending broadening wedge pattern on the 4-hour chart. It intends to establish a higher low and confirm an uptrend. ZIL must stay above a crucial support level to see a potential 27% upswing.

More Zilliqa News

Elrond introduces ORAO Network to ecosystem

Elrond price is contained inside an ascending wedge pattern on the 4-hour chart. The digital asset defended a crucial support trend line and aims for a significant rebound. Elrond will use the ORAO Network to feed smart contracts onto its platform.

More Elrond News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP