SWIFT Takes Another Shot at Cryptos, Refers to Them as "Useless and Unsteady"

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has dropped another hammer on proponents of Bitcoin and cryptocurrencies, referring to cryptos as “useless and unstable.”

The run-up to the launch of SWIFT's end-to-end international payments pilot, the company had revealed its proof of concept for the European continent while attending a breakfast in London.

FinTech Futures reported that the test pilot has reached sub-one-minute payment times between Singapore and Australia.

A Swift spokesperson had this to say at the event,

“[Cryptocurrencies] go down in value like a yo-yo. They’re useless and unstable. And even if crypto companies do make it stable, it’s still a basket of currencies.”

Currently, SWIFT provides messaging capabilities that aid with the transfer of money daily around the traditional financial system, processing approximately millions of payment orders on the network every day. With about 11,000 banks as well as financial institutions that are among its global members.

However, the 43-year-old Belgian-based establishment has seen its own fair share of tongue lashing as it has been referred to as being extremely slowly by crypto leaders, comparing today's banking system to horse and buggy.

In the Money20/20 Europe expo held last year the CEO of Ripple, Brad Garlinghouse had said that banks and payment platforms like Apple Pay are relying on outdated systems that are long overdue for replacement.

Image via fintechnews.sg