Speaking at the Sibos 2019 conference, which takes place in London on September 23-26, SWIFT chairman Yawar Shah approved cryptocurrencies. In his opinion, they bring “extraordinary” changes in the financial industry.
Changes in the financial industry are also dictated by the most innovative technology, as well as the emergence of new participants, for example, the project of the social media giant Facebook Libra.
SWIFT is one of the most widely used systems that has sent over 7.8 billion financial application messages and has over 11,000 connected institutions. It works in more than 200 different countries.
Some participants in the crypto community are asking a reasonable question whether SWIFT will be able to maintain its position against the backdrop of the development of new technologies. Earlier, Ripple CEO Brad Garlinghouse said that XRP disputes the advantages of SWIFT and even surpasses them, emphasizing that there were no significant improvements in competitor technology.
According to Ripple, the company’s day-to-day operations essentially capture SWIFT. Currently, more than 100 banks with Swift support use Ripple technology.
In addition, SWIFT’s top manager touched on the Facebook Libra project. The cryptocurrency, created by the world’s largest social network, is aimed at ensuring that more than $ 2 billion users can carry out operations in a P2P network, eliminating the need for any intermediaries.
Now it is already doubtful whether the stablecoin from Facebook will be able to achieve its objectives, since it will have to comply with many regulatory standards and deal with overt opposition to the governments of various countries.
Nevertheless, it is obvious that cryptocurrencies are increasingly penetrating our lives, as even in SWIFT they begin to recognize their advantages.