The Swift Chairman Yawar Shah made quite the statement on cryptocurrencies while speaking at the Sibos 2019 conference in London as we are about to read more in the altcoin news below.
The chairman of the global provider of secure financial messaging services stated that cryptocurrencies are causing a huge change in the entire financial industry. He stated that cryptocurrencies are driving an ‘’extraordinary’’ change and we are yet to see the products in our everyday life. The entire financial industry is now undergoing an extraordinary change because of the new projects that come onto the market such as Facebook’s Libra and the emerging technologies such as blockchain technologies and crypto-assets.
Swift is among the most widely used payment systems in the world and it has more than 7.8 billion FIN messages and connects more than 11,000 institutions. It operates in well over 200 countries and territories. The question that remains, however, is whether Swift is in danger because of the emergence of cryptocurrencies and various crypto projects such as Libra. At the start of this year, the CEO of Ripple, Brad Garlinghouse explained that XRP was overtaking Swift since many companies and financial institutions started using its network and system to provide transactional services.
Ripple has its goal a long time ago to overtake Swift and this is something that the Swift chairman has made clear. Garlinghouse stated that they signed more than 100-swift enabled banks which already use the Ripple technology. The technology that is used by the banks today which was developed by Swift many years ago, has not evolved ever since and is not keeping up with the current market. another thing to have in mind is Facebook’s Libra. the crypto project envisioned by the largest social media giant aims to allow the platform’s more than 2 billion users to make transactions peer-to-peer manner which will eliminate the need of intermediaries as we found out in some of the best cryptocurrency news sites.
It is very questionable however whether Facebook’s stablecoin will be able to do that since it is facing some harsh reactions from the community. The stablecoin is also not meeting the regulatory standards and the legislators around the world are being very cautious about granting permission to the project.
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