ππ The new SWIFT ISO 20022 payment system in March will force banks to accelerate the implementation of new systems by November 2025.
Implications for cryptocurrencies: There will be ongoing debate about whether the modernized financial architecture allows fiat currencies to effectively compete with digital and cryptoassets.
Professor Michael Mainelli, chairman of the Z/Yen Group, a City of London think tank, commented; βUpgrading the SWIFT messaging system is long overdue. ISO 20022 will level the playing field between simple and complex transactions, between traditional currencies and CBDC, and possibly between fiat and cryptocurrency.β
Currently, seven cryptocurrencies comply with the ISO 20022 standard: #QNT, #XPR, #XLM, #HBAR, #MIOTA, #XDC, #ALGO and ADA.
exchangerates.org.uk
Implications for cryptocurrencies: There will be ongoing debate about whether the modernized financial architecture allows fiat currencies to effectively compete with digital and cryptoassets.
Professor Michael Mainelli, chairman of the Z/Yen Group, a City of London think tank, commented; βUpgrading the SWIFT messaging system is long overdue. ISO 20022 will level the playing field between simple and complex transactions, between traditional currencies and CBDC, and possibly between fiat and cryptocurrency.β
Currently, seven cryptocurrencies comply with the ISO 20022 standard: #QNT, #XPR, #XLM, #HBAR, #MIOTA, #XDC, #ALGO and ADA.
exchangerates.org.uk