Economists Expect SWIFT to Be Superseded by Blockchain

News and Analysis

The news suggesting that several major banks are about to develop a new digital currency have agitated both crypto-community and professional economists.

One of the first to comment the news was Kirill Yakovenko, a financial analyst, who told REGNUM that, within the next two or three years, cryptocurrencies would walk out of shadows, and new international financial tools would emerge.

“The attention of the banking sector and the financial community is now focused not so much on the possibility of issuing a cryptocurrency to run inter-bank settlements as on the blockchain technology. Hundreds of major financial institutions, including JPMorgan Chase, Visa, MasterCard, UBS, Bank of America Merrill Lynch, HSBC, Deutsche Bank, BNY Mellon, are either trying for size it, or already implementing it,” Yakovenko stated.

According to him, this year, the amount of investment in blockchain implementation in trade and exchange operations has reached $400 million.

“Within the next two or three years, blockchain-based technologies will find their place in the inter-bank relations; supersede the existing inter-bank messaging systems (SWIFT, in particular); and will become an integral part of securities trading. As for cryptocurrencies in the traditional sense of word, they are most likely to walk out of shadows, and, together with blockchain technology, will experience serious development,” Yakovenko believes.


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