o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

SWIFT: Crypto Useless, ‘Goes Down In Value Like A Yoyo’

Posted on September 10, 2019 by nbelov

Representatives at interbank payments network provider SWIFT have lambasted cryptocurrencies as being “useless and unstable.”

Interbank payments network provider, the Society for Worldwide Interbank Financial Telecommunications (SWIFT), has dismissed cryptocurrencies as being “useless and unstable.”

An FXStreet report published on Sept. 10 cites unnamed SWIFT representatives at a London briefing earlier this week, who reportedly claimed that:

“They go down in value like a yoyo, they’re useless and unstable. And even if crypto companies do make it] stable, it’s still a basket of currencies.”

SWIFT: unruffled by competitors like Ripple

At the briefing, representatives reportedly nonetheless conceded the shortcomings of the SWIFT network itself, which connects between roughly 11,000 banks and financial institutions worldwide.

While it processes millions of payments daily, it is held back by significant cost and time efficiencies. 

“If you want to send a payment [with SWIFT] from Australia to China after midday, you instantly have a 12-hour delay because of opening hours,” representatives reportedly admitted.

Yet this recognition did not reportedly extend to a sense of the potential threat posed by blockchain-powered alternatives such as Ripple’s xRapid solution, which uses the XRP token to facilitate the instant settlement of money sent in one currency into a destination currency.

SWIFT believes Facebook’s Libra could have impact in short term

One potential rival that SWIFT does recognize is Facebook’s planned stablecoin, Libra, which would be integrated into the social media giant’s three wholly-owned apps — WhatsApp, Messenger and Instagram — bringing its potential exposure to a combined 2.7 billion users each month.

Yet even as regards Libra, the SWIFT representatives anticipated that its impact would be curtailed to the short term.

As reported, Facebook’s ambitious cryptocurrency plans have sparked a range of concerns not only from rivals in the commercial sector, but from citizens, crypto industry figures, governments, regulators and central bankers worldwide.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Ready Player One gave us the misconception that the Metaverse is VR — Everyrealm CEO, KBW 2022 August 9, 2022
  • Axie Infinity looking to 'double-down' on Korean market: KBW August 9, 2022
  • Cryptoverse: Blockchain bridges fall into troubled waters By Reuters – Investing.com August 9, 2022
  • Cryptoverse: Blockchain bridges fall into troubled waters – Reuters August 9, 2022
  • A look at Chiliz: The blockchain behind PSG, Barca, Juventus and numerous other fan tokens – CNBCTV18 August 9, 2022
  • Digital Ocean customers back away from blockchains – The Register August 9, 2022
  • Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report August 9, 2022
  • F2Pool co-founder responds to allegations it's cheating the Ethereum POW system August 9, 2022
  • 20M JavaScript devs can now build applications on NEAR: KBW 2022 August 9, 2022
  • Twitch founder Justin Kan: Web3 games don’t need to lure players with profit – TechCrunch August 8, 2022
  • Brazilian Voting Authority Might Include Blockchain Tech in Future Elections – Blockchain Bitcoin News – Bitcoin News August 8, 2022
  • Trend Micro calls out vulnerabilities in metaverse security development August 8, 2022
  • Australia-based crypto miner doubles hash rate after energizing Canadian rigs August 8, 2022
  • Dave Portnoy's SafeMoon position is down 94%, claims he's being sued by project August 8, 2022
  • Greenacre Leading Development of Blockchain-Based Application to Support African Farmers | The Frederick S. Pardee School of Global Studies – Boston University August 8, 2022
  • Circle freezes blacklisted Tornado Cash smart contract addresses August 8, 2022
  • Tornado Cash co-founder reports being kicked off GitHub as industry reacts to sanctions August 8, 2022
  • Redlight Chain ($REDLC) Solving The Blockchain Trilemma – The Crypto Basic – The Crypto Basic August 8, 2022
  • Two more lawsuits for Coinbase: Law decoded, Aug. 1–8 August 8, 2022
  • White hat hackers have returned $32.6M worth of tokens to Nomad bridge August 8, 2022
  • Price analysis 8/8: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX August 8, 2022
  • Are Application-Specific Chains the Future of Blockchain? – thenewstack.io August 8, 2022
  • Korea Blockchain Week Attracts Crowds Amid Market Turmoil – The New York Times August 8, 2022
  • Vitalik Buterin proposes stealth addresses for anonymous NFT ownership August 8, 2022
  • Cryptocurrency: What is Crypto, Blockchain, Ethereum, Stablecoins and More | Investor's Business Daily – Investor's Business Daily August 8, 2022
  • PayPal, Mars and 250 speakers to share knowledge at Blockchain Expo North America – Cointelegraph August 8, 2022
  • Will a Bitcoin ETF be Launched This Month? August 8, 2022
  • Bitcoin likely to transition to a risk-off asset in H2 2022, says Bloomberg analyst August 8, 2022
  • Fed reverse repo reaches $2.3T, but what does it mean for crypto investors? August 8, 2022
  • Sollensys Announces Launch of New "Store and Share" Platform, Offers Free Data Storage with Optional Blockchain Protection – AccessWire August 8, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com