Source: https://cointelegraph.com/news/g7-approves-japans-cryptocurrency-based-swift-alternative
Japan is attempting to lead a new Bank Transfer (SWIFT System) using Cryptocurrencies.
Much is still secret and it will take some time, but no doubt this came from the recent Global Conferences in Japan last month (which did discuss Cryptocurrencies and security).
Why Japan?
Japan has been a leader in this space in working with blockchain and DLT (Distributed Ledger Technology). If you take a look at SBI Holdings, which is a consortium of banks that represent 80% of all bank assets in Japan, they have many trials and are about to go live with their use of crypto’s for Bank transfers.
SBI’s trials are not only in Japan. The trials link several countries in Asia (like Thailand’s Siam Bank) and show the speed and lower cost vs the traditional SWIFT banking system. Ripples partnership with Moneygram essentially will allow a bank to send money electronically to any Moneygram location in minutes. This means you can send Japanese Yen and the person receives Thai Baht at their local Moneygram location. (This is my read— see below).
What technology is allowing this? Reaserch what Ripple has been doing with SBI and note how many banks have been looking at SWIFT alternatives.
SWIFT is older technology that was created in the 1970’s and it’s not the most efficient when it comes to speed and cost.
Much is being done behind the scenes at the IMF, World Bank level. We now see a push for greater regulations and the implementation of a SWIFT alternative will take place in 1000’s of banks globally.
Soon there will be other banking apps which allow the same from your phone.
Regulations are coming and that’s a good thing.
Who thought global banks would be embracing blockchain technology a few years ago? It’s coming very soon.
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Going mainstream now in the governmental level
Yes...and it’s a tricky one to understand price as well. Important: it is as if they are building a new system without letting people know the details. Could it be with XRP and the existing banking system? If so, price is not reflected — yet. Much will happen very soon IMHO.