SWIFT called cryptocurrencies unstable and useless

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

“They [cryptocurrencies] are falling in price like yo-yo, they are useless and unstable,” the system said at a briefing in London.

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

The event also announced a reduction in payment times 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.

"If you want to send payment from Australia to China in the afternoon, you will immediately have a 12-hour delay due to hours of work."

In the future, SWIFT intends to create a holistic international payment system, but this will happen no earlier than 2022-2023.

Recall that in January SWIFT announced a partnership with the R3 consortium, and in the spring joined the International Association for the Trusted Use of Blockchain to promote blockchain in the EU.

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