SWIFT Classifies Crypto As Unstable And Useless.

The Society For Worldwide Financial Telecommunications (SWIFT), an interbank payments network provider has labeled cryptocurrencies as both unstable and useless.

SWIFT representative speaking in London had this to say;

“They go down in value like a yoyo, they’re useless and unstable. And even if crypto companies do make it stable, it’s still a basket of currencies.”

 Bitcoin Price According To CoinDesk

SWIFT Unmoved By Competitors Such As Ripple But Mindful Of Facebook’s Libra

 SWIFT has faced some backlash in the past few months following its shortcomings. However, it is unconcerned by the actions of competitors such as Ripple.

On the other hand, the payments network provider is mindful of the actions of Facebook’s Libra. The stable coin will be integrated into Facebook’s owned apps, giving it a market size of 2.7 billion users monthly.