SWIFT: “cryptocurrencies are not our competitors, as they are useless and unstable»

SWIFT: “cryptocurrencies are not our competitors, as 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 the development of a proof-of-concept payment solution for Europe, in which SWIFT was able to reduce the transfer processing time between Singapore and Australia to less than one minute.

“Usually, the transfer processing process takes at least a day. However, the best players have the ability to make one – minute transactions if we are talking about international payments,” he said.

When it came to further prospects, the SWIFT representative mentioned cryptocurrencies, noting that he does not see them as a real competitor.

“New digital currencies can devalue quite 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 only a basket of currencies.”

however, he did not claim that SWIFT is better in all respects. In particular, he acknowledged that the system requires transactions to be made only during business hours and to comply with certain conditions.

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

earlier this year, details of SWIFT’s collaboration with the R3 blockchain consortium 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.