Swift: Cryptocurrencies are useless and unstable
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Answer Swift: Cryptocurrencies are useless and unstable
Global interbank financial communications company SWIFT has delivered harsh words for cryptocurrency.
Swift representatives described cryptocurrencies as useless, useless, and unstable.
And their talk about encrypted digital currencies is not for nothing, as cryptocurrencies pose an explicit threat to the company’s services.
Where some Swift representatives spoke to source Yesterday’s comments were critical of the cryptocurrency and its volatility greatly.
Among some of the statements:
“The value of cryptocurrencies is declining like a yo-yo, in addition to being useless, valuable and unstable, even if some crypto companies succeed in making it stable, it is still a basket of currencies.”
The comment and statement reveal a clear misunderstanding of what cryptocurrencies are, as fluctuations are largely unimportant when using cryptocurrencies in money transfers as they are done in a very short and fast circumstance, in addition to the availability of stable cryptocurrencies such as Tether.
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Although the SWIFT network is considered one of the international standards for payment of payments and connects more than 11,000 banks and financial institutions, it suffers from some major problems such as slow and delayed transfers.
The same Swift representatives admitted that there are undeniable problems that Swift suffers from, including:
“If you want to send a payment from Australia to China after midday, it will be delayed immediately by 12 hours due to business hours.”
There are several threats faced by Swift, most notably Facebook and the expected 2020 Libra currency, where Facebook has more than 2.5 billion users of its various applications, Instagram, WhatsApp and Messenger.
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Read also:
SWIFT is doing successful trials that rival Ripple’s technologies in cross-border payments
Japan unveils new product to compete with Ripple and SWIFT
SWIFT announces that the current trend will be towards blockchain and open economy
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