The chairman of international payment system SWIFT Yawar Shah considers that cryptocurrencies have already made powerful impact on the traditional financial industry, and in the future this impact will increase – investment platform has got to know.
“Financial industry is going through extraordinary changes because of appearance of various projects, like Facebook Libra, and development of technologies, like cryptocurrencies”, – Shah noted at the conference Sibos 2019.
SWIFT is one of the most popular interbank payment systems, which serves more than 11 000 financial institutions all over the world. However, the company sees threat from the side of new technologies and cryptocurrencies, and it is developing modern technologies of international transfers in order to compete with them.
Recently SWIFT representative has criticized cryptocurrencies, calling them unstable and useless. On the other hand, he has recognized that SWIFT has some disadvantages, for example, an opportunity to transfer money only in working hours. Although, according to him, it is better than trust cryptocurrencies.