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Cryptocurrencies are Unstable and Useless, Claims SWIFT

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The international interbank system SWIFT does not see a competitor in digital currencies, fintech Futures reports.

The only digital currency with any potential in SWIFT is considered Libra from Facebook. Cryptocurrencies, in their opinion, can succeed only by having Libra properties, in all other cases they will not affect the scope of payments in the short term.

The event also reported a reduction in payment time between Singapore and Australia to one minute and announced the development of a payment solution for the EU.

At the same time, SWIFT recognized the problems of traditional international payments, one of which is working hours.

In the future, SWIFT intends to create a holistic international payment system, but this will not happen until 2022-2023.

In January SWIFT announced a partnership with the consortium R3, and in the spring joined the International Association of Trusted Blockchain Applications to promote blockchain in the European Union.

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