Here's a summary of the latest update about the ISO 20022 transition for cryptocurrencies:
The global transition to ISO 20022 is well underway, with many major financial institutions and payment networks already compliant. The new standard is expected to be fully implemented by November 2025.
A number of cryptocurrencies are already ISO 20022 compliant, including XRP, XDC, Stellar Lumens (XLM), Iota, and Algorand. These cryptocurrencies are likely to benefit from the increased interoperability and efficiency that ISO 20022 offers.
The transition to ISO 20022 is expected to accelerate the adoption of cryptocurrencies by traditional financial institutions. The new standard will make it easier for banks and other financial institutions to send and receive cryptocurrency payments, which could lead to wider acceptance of digital currencies.
Some experts believe that the transition to ISO 20022 could also lead to the development of new cryptocurrency-based financial products and services. For example, it could become easier for banks to offer cryptocurrency-based loans or investments.
Here are some specific examples of recent updates about the ISO 20022 transition for cryptocurrencies:
In October 2023, Ripple announced that it had completed its migration to ISO 20022. This means that all of Ripple's cross-border payments will now be sent and received using the new standard.
In September 2023, SWIFT, the global interbank messaging system, announced that it would be fully compliant with ISO 20022 by November 2025. This is a significant development, as SWIFT is used by banks all over the world to send and receive cross-border payments.
In August 2023, the Federal Reserve announced that it would be implementing ISO 20022 for its Fedwire Funds Service, which is used to transfer large-value payments between banks in the United States.
Overall, the transition to ISO 20022 is a major milestone in the development of the cryptocurrency industry. The new standard is expected to make it easier for cryptocurrencies to be integrated into the traditional financial system, which could lead to wider adoption of digital currencies.
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