ISO 20022 is a multi-part International Standard prepared by ISO Technical Committee TC68 Financial Services. So what does that mean? Let me break it down for you: ISO 20022 is a global standard for exchanging financial messages between banks and other financial institutions. It is going to be like a set of rules or a common language that helps ensure different systems can understand each other when sending things such as payment instructions, transaction details, and account information.
For example, when you send money via your bank, the message that goes through different banks or systems will be standardized using ISO 20022. This makes it easier to process payments and share information internationally, reducing mistakes and delays.
This system will be implemented on March 10th. What can we expect? The adoption of ISO 20022 in the crypto space is expected to bring significant advancements. It will make it easier for banks to accept and process crypto transactions, helping crypto blockchains, such as XRP Ledger, gain mainstream adoption. International payments could become faster, cheaper, and more efficient.
Moreover, ISO 20022’s built-in reporting features will help crypto exchanges comply with regulations, reducing concerns about fraud and money laundering, which have been problems and worries in the past. But fixing these issues would make crypto more appealing to regulators and the public. Transfers between crypto and fiat currencies will also become smoother, with clearer, more structured communication.
ISO 20022 will also improve interoperability between cryptocurrencies and traditional financial systems, creating a more integrated yet diverse global financial system. Overall, these changes will make crypto interactions more seamless, faster, and secure, bringing it closer to mainstream use and easing its adoption by individuals and businesses.
How does this affect you? Well, there are a couple of smart investments one can make before March 10th. For one, XRP and XLM, the two most popular coins that can be adopted by banks and financial institutions when ISO 20022 is implemented, will both rise. As of today, XRP is at $2.39 and XLM is at $0.31. Some analysts believe that XRP can reach up to eight dollars, while XLM reaches upwards of two dollars.
These coins are the future of currency, especially if they were to replace the SWIFT banking system, which is criticized for being old and outdated. If they were to replace SWIFT, this means that upwards of five trillion dollars would be flowing through these currencies, skyrocketing the price.
The release of ISO 20022 is also a release of new opportunities for new investors like yourself. Let today be the day that you invest in crypto. March 10th is the dawn of a new era of currency, in which crypto will rule.