ISO 20022 Standard Attracts Crypto Projects as Nine Assets Join the Movement
The ISO 20022 standard, an international protocol that ensures secure and standardized financial message exchange between organizations, is gaining appeal among crypto projects. This standard aims to replace the SWIFT financial messaging system, which has been used by banks for global payments for the past 50 years.
One of the most notable benefits of ISO 20022 is its cost reduction. Interestingly, several crypto projects are expected to adopt this standard, and it is anticipated that their prices will experience an upward trend once the implementation is complete.
A comprehensive report on this initiative highlights the transformative potential of ISO-standardized crypto identifiers. If a crypto project complies with the ISO 20022 standard, it could gain approval from centralized banks for crypto payments. The introduction of ISO-standardized crypto identifiers will revolutionize the way cryptocurrencies are used. If ISO issues an official code for cryptocurrencies like Bitcoin or Ether (ETH), these cryptos will be included in the database tables of major financial services such as Visa and MasterCard.
However, one challenge is the lack of Digital Token Identifiers (DTIs) for most assets, making it difficult for banks to differentiate between cryptocurrencies like “Bitcoin” and “Bitcoin Cash.” This is not an issue with traditional currencies like USD and AUD.
Despite this challenge, nine cryptocurrencies have already been certified and recognized as ISO 20022-compliant assets. Ripple (XRP), known for its role in real-time, cross-border payments, and remittances, is one such crypto. Another certified asset is Quant (QNT), which focuses on addressing interoperability issues between blockchains. Other cryptos recognized as ISO 20022 compliant include Stellar (XLM), Hedera Hashgraph (HBAR), IOTA (MIOTA), XDC Network (XDC), Algorand (ALGO), Cardano (ADA), and Verge (XVG).
It’s worth noting that Verge is the latest ISO 20022-compliant asset. Changes are expected in the future to expand the list of compliant coins and tokens, improve security measures, and reduce fraudulent activities.
Since becoming ISO 20022 compliant, Verge’s price performance has been lackluster, with only a 4.16% surge in the last three months. Currently trading at $0.003475, Verge has experienced a decline of 0.18% in the past 24 hours. However, it maintains a bullish market sentiment with a score of 69/100.
The successful implementation of ISO 20022 depends on the preparedness and adaptability of each participant in the financial industry. While it offers numerous benefits in terms of efficiency and data richness, the transition may require technological investments and adjustments to business processes. Organizations that effectively incorporate ISO 20022 will be better equipped to address the evolving demands and regulatory requirements of the financial landscape.
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