About the future of SWIFT after The Blockchain Central Davos Conference

Our consideration after The Blockchain Central Davos Conference (May, 2022). Keywords: Cryptocurrencies, Finance, Blockchain, SWIFT, Bitcoin, Euler Tools.

Between May 22nd and 26th, the World Economic Forum 2022 was held in Davos (Switzerland), where The Blockchain Central Davos Conference was realized by the Global Blockchain Business Council (GBBC). A space where both political and economic leaders shared exciting points of view.

The crypto-economy had a central role where important debates were generated on the request of bankers to accelerate the regulation of bitcoin (BTC). Such as the regulation of decentralized exchanges (DEX) regarding transactions of other digital assets.

Undoubtedly, the most crucial milestone is the presentation of Bitcoin: A peer-to-Peer Electronic Cash System document, of course by Bitcoin. Where realized that cryptocurrencies are an undeniable reality; countries should start working on their regulation, just as the Republic of El Salvador (2021) and the Central African Republic (2022).

In addition, the European Central Bank (BCE) and the Federal Reserve of the United States published different studies to show the increase in the adoption of digital assets in their territories. And this is the turning point where the concern about the increased risk of interconnection between crypto-assets and the financial sector deepens.

But the most remarkable statement at the conference was the Michael Miebach (CEO of Mastercard) word during a session on central bank digital currencies (CBDC). Miebach commented that SWIFT (the global provider of financial messaging services) will probably not exist in 5 years from now.

After a few seconds, Michael Miebach clarified his words: SWIFT will not be the same as we know it today. It will continue to evolve: SWIFT recently conducted CBDC-related tests for cross-border payments involving crypto, and we will see a future with more smooth and frictionless payments.

In a sense, we see how blockchain technology has tremendous prominence, as this technology will facilitate cross-border payments securely and immediately. EulerTools Solutions, with cutting-edge technology, offers blockchain solutions, and its mission is to bring blockchain to people, banks, companies, and public and private institutions.

One of the issues we observe at EulerTools Solutions is the challenge of understanding blockchain benefits for people or companies outside the tech universe. Even if they interact with technology daily, they can not see its potential. But this is just the beginning; the future is bright for blockchain technology.

We provide a simplified, easy-to-navigate platform that allows you to build powerful blockchain applications, create digital assets, and more in a few clicks. Don’t hesitate to write at [email protected] us and start a conversation about your needs.

Sources:

The Criptonoticias (May 30, 2022). Article “News of the week: Davos Forum calls for regulation, hahsrate falls, Bitcoin difficulty”.?

The Criptonoticias (May 22, 2022). Article “SWIFT tests cross-border payments with central bank digital currencies”.

The Cointelegraph (May 26, 2022). Article “WEF 2022: SWIFT probably won’t exist in 5 years, says Mastercard CEO”.

The global provider of secure financial messaging services (May 19, 2022). Article “New experiments pave way for international payments using CBDCs”.