Commonwealth Bank Transitions to Crypto Payments
Commonwealth Bank Transitions to Crypto Payments
Since the launch of Crypto Currency many have been talking about the revolutionary change for cross boarder transactions and a more sufficient way than the current legacy banking system SWIFT.
Two leading Crypto chains have been providing this service for a number of years being XRP (Ripple) and XML however, wide spread adoption and support for the chains hasn't been forthcoming. Instead in the latest news announced by the Australian Commonwealth Bank on Twitter will be moving to fully incorporate ISO 20022 commencing this month and be fully operational by November 2022.
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Commonwealth Bank isn't the only Bank currently implementing the switch to Crypto Currency with The National Australia Bank recently adopting and agreeing to the switch selecting option 3 in the above service to fully incorporate ISO replacing the current legacy system.
The news doesn't just impact these two banks and is a part of a larger shift by the Reserve Bank of Australia and the SWIFT payment system with the change to cryptocurrency impacting ALL banks across the world in ALL nations.
Whole banking system goes Crypto
In an article published on the SWIFT website they are providing time and notice for all their partners to prepare for a switch in March 2023 with stakeholders all being send the same questionnaire forms requesting feedback on if partners wanted to maintain the current system, fully switch to crypto or have a coexisting arrangement.
Much Like NAB's response many have opted for a complete mandatory switch to ISO 20022 which looks timed to launch in March 2023 but unlike other crypto investment schemes there will be no pool for investors to provide their Bitcoin, BNB, Ethereum or other tokens, instead if you're looking to invest in this launch you will need to hit up the main financial exchanges and buy banking shares to cash in on the crypto launch.
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What will happen to XRP?
The question on everyone's mind is what will happen to XRP now that the banking system has taken over and if there is anything to take away from this situation is that the key thing that made Crypto so lucrative which is it's non ownership has and is it's greatest downfall.
Crypto is notorious for projects copy pasting code and the lack of any IP rights which is what drove the industry to be free for everyone. However, this is what will also be it's downfall as the ISO 20022 Standard is what XRP somewhat uses.
Now that the banks have taken control there is no one they need to pay or seek permission to use code from. They can simply send their Devs to Github download all the codes and work on things behind closed doors building systems and then registering IP on those very systems that everyone has been giving away from free.
Once that is done the entire Crypto scene can but shut down and people can find themselves in hot water for not applying for licenses for their own work.
But in other news, this is it. Crypto is going mainstream.
Image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional services.
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I think it makes sense because there is no settlement time with crypto but I think it could when they do withdraw from the system. So in a way, they can have the funds available quite fast. However, I don't know if I like them creating their own closed off code and creating systems that we can't see into. They can do some shady stuff when that happens.
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Yes there will need to be something that prevents spikes and dips but you could probably build it into the code. It will be interesting to see how they peg the value to ever changing fiat fluctuations
Haha yeah, I wish them good luck with that in real life.
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