SWIFT does not Recognize Cryptocurrency as Useful
London - The Society for Worldwide Interbank Financial Telecommunications or SWIFT, had less-than-flattering opinions on cryptocurrencies in speaking at a London event on Monday. A representative stated “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.”
SWIFT is currently the most popular payment processing institution in the world, with over 11,000 banks and financial institutional clients worldwide. As of 2012 it processed $6 trillion a day. Recent challengers to the SWIFT standard include Ripple Labs, which signed an agreement with Mastercard early this year. Ripple also owns a significant percentage of the remittance processor, Moneygram.