“Cryptocurrencies are not our competitors since they are useless and unstable”

A representative of the international money transfer system SWIFT during a recent event in London criticized cryptocurrencies, calling them unstable and useless.

The event was dedicated to developing a proof of concept for a payment solution for Europe, in which SWIFT was able to reduce the processing time of a transfer between Singapore and Australia by less than one minute.

“Usually the process of processing a translation lasts at least a day. However, the best players have the opportunity to make one-minute transactions if we talk about international payments, ”he said.

When it came to future prospects, the representative of SWIFT mentioned cryptocurrencies, noting that he did not see a real competitor in them.

“New digital currencies can depreciate fairly quickly, they are useless and unstable. Modern cryptocurrency companies have found a solution to this problem and can make them stable, but in this case they are just a basket of currencies. ”

However, he did not argue that SWIFT is better in all respects. In particular, he acknowledged that the system requires transactions only during business hours and certain conditions are met.

“If you need to make a transaction from Australia to China in the afternoon, you will get a 12 hour delay due to the difference in working hours.”

Earlier this year, details of the collaboration of SWIFT with the blockchain consortium R3 became known. At the moment, the success of this initiative is unknown, but the results of the experiment will be presented at the Sibos conference, which will begin on September 23.

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