Lisa O’Connor, the Managing Director of Asia Pacific at SWIFT, spoke about the company’s stance on Distributed Ledger Technology or blockchain technology, in an interview with Ran Neuner for CNBC Crypto Trader.
The Managing Director began the interview by briefly speaking about the core role of SWIFT. SWIFT, aka Society for Worldwide Interbank Financial Telecommunications, is one of the largest payment messaging networks around the world, enabling instant payments via a standardized system of codes.
O’Connor was asked whether the main role of SWIFT was bank-to-bank foreign exchange transfer. She stated that the organization was “much larger” than just bank-to-bank foreign exchange transfer, adding that it was, in fact, a corporation with over 11,000+ members globally. She further stated that these members were a collaboration of banks, brokers, asset managers, and corporates. She said,
“We’re owned by those members which is what makes this a cooperative by nature. we are also the registration authority for the way that financial institutions speak to each other called ISO. so ISO is the standard.”
This was followed by the Managing Director speaking about SWIFT using blockchain or Digital Ledger Technology [DLT]. She stated that SWIFT is “selectively looking at the use” of DLT.
The managing director went on to say,
“So, they’re looking at how do they leverage DLT for certain business problems. We don’t think that DLT or blockchain is the answer to every problem, what we like to do first is look at the problem and then apply the right technology as the solution.”
O’Connor stated that the firm was looking into using DLT/ blockchain solutions for proxy voting in Singapore, which, according to her, “is a big industry challenge.” She further added that SWIFT worked with large market infrastructures such as the Australian Stock Exchange, which is using DLT solutions for their new clearing and settlement system. She added,
“[…] hat we would like to be in the future is a platform that helps to connect our members up to the best of these blockchain solutions. so we’re working with for example R3 who’s been doing a lot of work as it relates to trade finance and how do we link together that trade finance value chain to the payment value chain that underpins at all.”
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Facebook is way too late in entering the crypto game, claims Tim Draper
The famous American venture capital investor, Tim Draper, was one of the first to trust the power of cryptocurrency, openly accepting it as a viable investment option. In one of his recent interviews, Draper shared that Bitcoin [BTC] resembled the gaming version of buying virtual swords that hold value in real money. He added,
“People are willing to take that kind of a risk for this kind of currency.”
While supporting his past crypto-investments that proved his belief in the ecosystem, Draper reminded viewers about his accurate prediction of Bitcoin [BTC] reaching $10,000 in trading value three years back. The avid investor also mentioned that while most politicians would interpret Bitcoin’s mainstream entry as progress for the society, he argued that bureaucrats see it as a threat to their existence. He added,
“Governments can also benefit from the technology for keeping perfect records and collecting taxes. Also, people get wealthier if there’s less friction to trading.”
Touching upon some of the latest happenings within the cryptospace, Draper acknowledged Facebook’s recent entry into the market, welcoming it as a great step towards the endorsement of cryptocurrency. However, he noted that there was a huge scope of improvement in Libra’s infrastructure. While explaining Bitcoin’s [BTC] stronger position in the ecosystem, he said,
“They’re (Facebook) way late into the game. Eventually, they’ll fall into the same place as all the other cryptocurrencies where they say Bitcoin’s better!”
He further envisioned that the U.S. government will not impose too many regulations on the technology as it may drive innovation away from the country into crypto-friendly markets such as Malta and Japan. Draper also mentioned that while big shots such as Warren Buffett may not be interested in investing outside fiat markets, young people in debt of the fiat currency find cryptocurrency as the most viable option to experience financial stability.
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