Chairman of the interbank payment system SWIFT, Yawar Shah, believes that cryptocurrencies have already had a powerful impact on the traditional financial industry, and in the future this influence will only increase.
“The financial industry is going through extraordinary changes due to the emergence of various projects like Libra from Facebook and the development of technologies such as cryptocurrencies,” noted Check at the Sibos 2019 conference.
SWIFT is one of the most popular interbank payment systems, which serves more than 11,000 financial institutions around the world. However, the company sees a threat from new technologies and cryptocurrencies, and to combat it develops modern technologies of international transfers.
Recently, a SWIFT spokesman criticized cryptocurrencies, calling them unstable and useless. He acknowledged that SWIFT also has some drawbacks, for example, the ability to make transfers only during business hours, however, according to him, this is still better than trusting cryptocurrencies.
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