SWIFT calls cryptocurrencies unstable and useless

Posted 10 September, 2019


A representative of the Society for Worldwide Interbank Financial Communications Channels (SWIFT) took the opportunity to comment on a cryptocurrency technology system during a recent event in London. The event was dedicated to the development of a payment solution concept for Europe. 

The only cryptocurrency that has any potential is Libra from Facebook. SWIFT representatives emphasized that this would allow the creation of a unified payment system after 2022-2023, which would allow spending time payments.

“They go down in value like a yoyo, they’re useless and unstable. And even if crypto companies do make is stable, it’s still a basket of currencies, ” claimed SWIFT spokesperson.

It was also added that the cryptocurrencies will not affect the sector of payments in the near term. Also, SWIFT has reduced the payment time between Singapore and Australia to one minute and is creating a payment solution for the European Union.

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