Cryptocurrency Q&A What could replace SWIFT?

What could replace SWIFT?

TaegeukChampionCourage TaegeukChampionCourage Fri Sep 27 2024 | 5 answers 774
As the world of finance continues to evolve, many are wondering what could potentially replace the long-standing SWIFT system for international financial transactions. SWIFT, the Society for Worldwide Interbank Financial Telecommunication, has been the backbone of international banking for decades, facilitating trillions of dollars in transactions annually. However, with the rise of blockchain technology and decentralized finance, could there be a more efficient and secure alternative? What innovative solutions are being developed that could challenge SWIFT's dominance in the market? And what factors would need to be considered in order for such a system to gain widespread adoption and trust from the global financial community? What could replace SWIFT?

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