SWIFT: Crypto Useless, ‘Goes Down In Value Like A Yoyo’
Marie Huillet's original article for cointelegraph.com reduced by 56%
Interbank payments network provider, the Society for Worldwide Interbank Financial Telecommunications, has dismissed cryptocurrencies as being "Useless and unstable." "They go down in value like a yoyo, they're useless and unstable. And even if crypto companies do make it] stable, it's still a basket of currencies." At the briefing, representatives reportedly nonetheless conceded the shortcomings of the SWIFT network itself, which connects between roughly 11,000 banks and financial institutions worldwide. SWIFT believes Facebook's Libra could have impact in short term.
One potential rival that SWIFT does recognize is Facebook's planned stablecoin, Libra, which would be integrated into the social media giant's three wholly-owned apps - WhatsApp, Messenger and Instagram - bringing its potential exposure to a combined 2.7 billion users each month. Even as regards Libra, the SWIFT representatives anticipated that its impact would be curtailed to the short term. As reported, Facebook's ambitious cryptocurrency plans have sparked a range of concerns not only from rivals in the commercial sector, but from citizens, crypto industry figures, governments, regulators and central bankers worldwide.
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CN [too long; didn’t read]
Summarised crypto news.