Technology

Swift Calls Cryptocurrencies ‘Useless and Unstable’

Swift Calls Cryptocurrencies 'Useless and Unstable'

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) the world’s most widely used interbank system has dashed cryptocurrency in a recent briefing.

According to FXstreet, SWIFT doesn’t recognize cryptocurrencies or blockchain as posing any threat to the financial industry. Instead, SWIFT representatives called out cryptocurrencies such as bitcoin for its volatility:

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 didn’t thwart all cryptocurrency initiatives; representatives noted that Facebook’s incipient venture into the crypto industry holds some merit, and could potentially disrupt remittances in the short term.