August 6, 2020

SWIFT Chairman: “Cryptocurrencies are causing extraordinary changes in the financial industry”

Chairman of the interbank payment system SWIFT, Yawar Shah, believes that cryptocurrencies have already provided powerful impact on the traditional financial industry, and in the future this influence will only increase.

“The financial industry goes throughextraordinary changes due to the emergence of various projects like Libra from Facebook and the development of technologies such as cryptocurrencies, ”Shah said at the Sibos 2019 conference.

SWIFT - one of the most popular interbankpayment 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.

SWIFT spokesman recently criticizedcryptocurrencies, 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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