The Biggest Change to Our Financial System in 50 Years Happens in November… | by Richard Chevalier
International payments go blockchain (ISO 20022)
Many cryptocurrency investors are looking to reap massive returns as the 50-year-old international payment system transitions to blockchain from November 2022.
This is part of what is called ISO 20022, a single standardization approach to be used by all financial standardization initiatives. The new normalization is expected to officially begin in November 2022 and be fully implemented by November 2025.
There are many cryptocurrencies that will be incorporated into this new financial system, called ISO 20022 compliments cryptocurrencies and there is a lot of speculation that these cryptocurrencies will skyrocket in price once the standard is implemented.
This is the number of transactions processed by existing international payment systems. Commonly known as SWIFT, this international money transfer system was founded in the early 1970s and has been the backbone of international and cross-border payments for almost 50 years.
The problem with the existing SWIFT system is that it is slow, expensive, paper-heavy and based on legacy technology.
The implementation of ISO 20022 will update this antiquated financial transactional system using blockchain technology and the incorporation of a host of cryptocurrencies to manage transaction volume.
Following the implementation of this new system, it is expected that the cryptocurrencies that will form this new financial system will perform very well.
There is a lot of speculation that cryptocurrencies conforming to this standard and part of the network will increase significantly in value.
Rumor has it that the change will take place in just one day (probably a November day).
There are only a handful of cryptocurrencies identified as Supplement ISO 20022 and will constitute this new financial system.
Cryptocurrencies already identified as ISO 20022 are:
- Ripple (XRP)
For more details on these cryptocurrencies and their interaction with the new ISO 20022 standard, see the report below:
There is still a lot of speculation as to the exact timing and actual volume of transactions this new blockchain system will handle.
Since this new international payments financial system is set to replace the existing international payments financial system, the volume of transactions this new system will process will be unlike anything the cryptocurrency space has ever seen.
If all international payments are made through these few (ISO 20022 compliant) cryptocurrencies, the sheer volume of transactions could significantly increase the market capitalization and market value of these cryptos.
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