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SWIFT to work on crypto features

The SWIFT system plans to implement crypto applications over the next year.

By Luc Vesters
• 2 min read
SWIFT to work on crypto features

The SWIFT system plans to roll out crypto applications over the coming year. This comes from a related report.

Crypto Functions

According to the report, the system's so-called security messages will be upgraded to identify cryptocurrencies. In addition, the report says it plans to add new token-related functionality and implement wallet blockchain address identification. According to SWIFT, holding digital assets could also be done through a "regular securities account".

The Securities Market Practice Group (SMPG) is working on implementing the new features. How the upgrades will be rolled out and whether retail users will benefit remains to be seen. The plan is for the crypto features, along with other upgrades, to go live on November 19, 2023. The financial messaging system began a project phase to use blockchain technology back in October.

SWIFT

SWIFT is a network for exchanging electronic information between banks. Blockchain, on the other hand, is a network without intermediaries. Russia, for example, is trying to compensate for its exclusion from the SWIFT system with crypto payments and is planning a national crypto exchange.

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