The Biggest Change to our Financial System in 50 Years is Happening in November… | by Richard Knight | August, 2022

International Payments are moving to the blockchain (ISO 20022)

Many cryptocurrency investors are looking to reap massive returns as the 50-year-old international payments system moves onto the blockchain beginning in November 2022.

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

There are many cryptocurrencies that will be integrated into this new financial system, referred to as ISO 20022 compliment cryptocurrencies and there is much speculation these cryptocurrencies will soar in price once the standard is implemented.

This is how many transactions the existing international payment systems handle. Commonly 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 nearly 50 years.

The problem with the existing SWIFT system is that it is slow, expensive, laden with paperwork and based on legacy technology.

The implementation of ISO 20022 will bring this antiquated financial transactional system up to date by using blockchain technology and the incorporation of a multitude of cryptocurrencies to handle the transaction volume.

As a consequence of the implementation of this new system, it is anticipated that the cryptocurrencies which will form this new financial system will perform very well.

There is a lot of speculation that the cryptocurrencies that are compliant with this standard and part of the network will increase tremendously in value.

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

There are only a handful of cryptocurrencies that are identified as ISO 20022 compliment and will make up this new financial system.

The cryptocurrencies which are already identified as ISO 20022 are:

  • IOTA
  • ivy
  • Quant
  • Algorand
  • XDC
  • Ripple (XRP)
  • Stellar

For more details about these cryptocurrencies and their interaction with the new ISO 20022 standard, check out the report below:

There is still a lot of speculation as to the exact timing and true volume of transactions this new blockchain system will handle.

Given that this new international payments financial system is set to replace the existing international payments financial system, the volume of transactions this new system will handle will be unlike anything the cryptocurrency space has ever seen.

If all international payments are put through these few (ISO 20022 compliant) cryptocurrencies, the sheer volume of transactions could boost both the market capitalization and market value of these cryptos considerably.

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