The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is taking another shot at blockchain entrepreneurs and their supporters, calling cryptocurrencies “useless and unstable.”
While attending a breakfast lunch in London in the run-up to Swift’s launch of its latest end-to-end international payments pilot, designed to address concerns that the company’s tech is lagging, the company revealed development of a proof of concept for Europe.
The test pilot has reached sub-one-minute payment times between Singapore and Australia, reports FinTech Futures.
According to a Swift spokesperson at the event,
“[Cryptocurrencies] 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.”
Legacy leader Swift counts 11,000 banks and financial institutions among its global members, providing messaging capabilities that help move money daily around the traditional financial system, processing approximately millions of payment orders on the network each day.
But the 43-year-old, Belgium-based network has come under fire for being anything but fast, with crypto leaders comparing today’s banking system to the horse and buggy.