Paris Fintech forum is one of the largest annual gatherings in Europe where more than 3000 entrepreneurs, bankers, regulators, and investors talked about blockchain, cryptocurrencies, banking and much more and we are reading more in today’s blockchain news about what the main sentiment of the event was.
In the last 12 months, all of the major crypto assets were down by 80 percent and many fintech pros got to a conclusion that the blockchain technology is not ready yet especially in industries that are heavily regulated.
Europe has new payment laws that are now requiring banks to share all of the user data with fintech companies if necessary just so they avoid any contact with crypto.
The CEO of Ripple Labs Brad Garlinghouse repeatedly explained how the Swift system can be overthrown by a much faster and cheaper blockchain-based system by saying:
“I look at the dynamic between Ripple and Swift, and I liken it to Amazon and Wal-Mart.’’
However, Swift’s CEO Leibbrandt said that Swift has refreshed its system and now allows for customers to track easily each payment and he also pointed out that the world’s 60 lenders are now using his technology and the good thing is-regulators approve it:
“Banks are not ready for a model where you convert into a crypto and then convert back again. It’s not clear to us that blockchain is better than what we have today.”
It seems clear that the banking giants are maturing fast and have a fast dynamic. For example, Mastercard and Visa are battling over who will buy the London cross-border payment company Earthport and the Dutch payment processor Adyen NV has its stocks tripled in the previous period.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]