beginingBlockchainThe biggest change to our financial system in 50 years is happening in…

    The biggest change to our financial system in 50 years is happening in November…

    International payments move to blockchain (ISO 20022)
    Many cryptocurrency investors are looking to reap huge returns as the 50-year-old international payments system moves to the blockchain from November 2022.

    It is part of what is known as ISO 20022, a single standardization approach to be used by all financial standards initiatives. The new standardization should officially start in November 2022 and be fully implemented by November 2025.

    There are many cryptocurrencies that will be integrated into this new financial system, called ISO 20022 complementary cryptocurrencies, and there is much speculation that the price of these cryptocurrencies will soar once the standard is implemented.

    45.8 million transactions per day.
    That's how many transactions existing international payment systems handle. Better known as SWIFT, this international money transfer system was founded in the early 1970s and has been the backbone for international and cross-border payments for almost 50 years.

    The problem with the existing SWIFT system is that it is slow, expensive, document-heavy and based on legacy technology.

    The implementation of ISO 20022 will update this outdated financial transaction system by using blockchain technology and incorporating multiple cryptocurrencies to handle transaction volume.

    As a consequence of the implementation of this new system, the cryptocurrencies that will form this new financial system are expected to perform very well.

    Investment opportunity of a lifetime?
    There is a lot of speculation that cryptocurrencies that are compliant with this standard and part of the network will skyrocket in value.

    Rumor has it that the switch will happen in just one day (probably a day in November).

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