{"id":453077,"date":"2022-05-26T13:25:01","date_gmt":"2022-05-26T10:25:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wef-2022-swift-probably-wont-exist-in-5-years-says-mastercard-ceo\/"},"modified":"2022-05-26T13:25:01","modified_gmt":"2022-05-26T10:25:01","slug":"wef-2022-swift-probably-wont-exist-in-5-years-says-mastercard-ceo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wef-2022-swift-probably-wont-exist-in-5-years-says-mastercard-ceo\/","title":{"rendered":"# WEF 2022: SWIFT probably won&#8217;t exist in 5 years, says Mastercard CEO"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a9422a3c68\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a9422a3c68\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/wef-2022-swift-probably-wont-exist-in-5-years-says-mastercard-ceo\/#%E2%80%9D_WEF_2022_SWIFT_probably_wont_exist_in_5_years_says_Mastercard_CEO_%E2%80%9C\" >&#8221; WEF 2022: SWIFT probably won&#8217;t exist in 5 years, says Mastercard CEO &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_WEF_2022_SWIFT_probably_wont_exist_in_5_years_says_Mastercard_CEO_%E2%80%9C\"><\/span>&#8221; WEF 2022: SWIFT probably won&#8217;t exist in 5 years, says Mastercard CEO &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvM2RlOGZkNmUtNmQ1NS00OTBiLWI2OWEtNzEyZmIxNGUxMjY5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Mastercard CEO Michael Miebach said on Tuesday that he does not expect SWIFT, one of the most widely used platforms for cross-border fiat transactions, to exist in five years&#8217; time.\u00a0<\/p>\n<p>Miebach was speaking at a panel session on central bank digital currencies (CBDCs), as part of the Global Blockchain Business Council (GBBC)\u2019s Blockchain Central Davos conference, which ran adjacent to the World Economic Forum 2022 in Davos, Switzerland.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Kicking off GBBC\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BlockchainCentral?src=hash&amp;ref_src=twsrc%5Etfw\">#BlockchainCentral<\/a> Davos session on CBDCs with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/eva_szalay?ref_src=twsrc%5Etfw\">@eva_szalay<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FT?ref_src=twsrc%5Etfw\">@FT<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/YuvalRooz?ref_src=twsrc%5Etfw\">@YuvalRooz<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/digitalassetcom?ref_src=twsrc%5Etfw\">@digitalassetcom<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Jbrookslassiter?ref_src=twsrc%5Etfw\">@Jbrookslassiter<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Digital_Dollar_?ref_src=twsrc%5Etfw\">@Digital_Dollar_<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MiebachMichael?ref_src=twsrc%5Etfw\">@MiebachMichael<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Mastercard?ref_src=twsrc%5Etfw\">@Mastercard<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BIS_org?ref_src=twsrc%5Etfw\">@BIS_org<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DBTreat?ref_src=twsrc%5Etfw\">@DBTreat<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Accenture?ref_src=twsrc%5Etfw\">@Accenture<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/C2fvgy0Bij\">pic.twitter.com\/C2fvgy0Bij<\/a><\/p>\n<p>\u2014 Global Blockchain Business Council (GBBC) (@GBBCouncil) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GBBCouncil\/status\/1529057378242641920?ref_src=twsrc%5Etfw\">May 24, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nTowards the end of the panel discussion, when the moderator asked each panelist whether they thought SWIFT would still exist in five years&#8217; time, Miebach caused the audience to gasp in shock after answering \u201cno\u201d, according to a Cointelegraph reporter who attended the session.\u00a0<\/p>\n<p>The response had not been expected given his position at Mastercard, and that the panelists before him, including Jon Frost, a senior economist at Bank of International Settlements and Jennifer Lassiter, executive director of the Digital Dollar project, an organization tasked with exploring a United States CBDC had answered in the affirmative. <\/p>\n<p>Other panelists following Miebach also took the affirmative viewpoint, including Yuval Rooz, CEO of Digital Asset, a data <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> company and David Treat, director at Accenture and co-lead of the company\u2019s blockchain business.<\/p>\n<p>Cointelegraph <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roached Miebach im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely following the panel discussion, but was denied any further comment on the subject. <\/p>\n<p>Later, a Mastercard spokesperson downplayed Miebach\u2019s comments in an email statement:<\/p>\n<blockquote><p>\u201cLet us clarify the intent of the on-stage comment, as it\u2019s not as simple as a yes or no answer. Michael was simply reinforcing what SWIFT has previously said \u2013 their operations continue to evolve. Its current form will not be the same in the future. They are adding more functionality and moving past just being a messaging system.\u201d<\/p><\/blockquote>\n<p>SWIFT processed 42 million messages a day last year, but transactions on the network can take several days to complete. The company has been striving to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2022\/03\/07\/swift-sanctions-russia-ukraine-banking\/\">maintain<\/a> its relevance in the international economic order, especially in regard to CBDCs.<\/p>\n<p>To this end, SWIFT has been exploring the use of CBDCs to facilitate seamless cross-border payments from as early as May 2021 when it released a joint paper with Accenture looking at how digital currencies can help cross-border payments. <\/p>\n<p><strong><em>Related: WEF 2022: Blockchain community breaks stereotypes at Davos<\/em><\/strong><\/p>\n<p>On May 19, 2022, SWIFT announced its second round of experiments involving CBDCs, collaborating with French IT company Capgemini to explore the linking of domestic CBDCs to facilitate seamless cross-border payments.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We\u2019re collaborating with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Capgemini?ref_src=twsrc%5Etfw\">@Capgemini<\/a> to explore how SWIFT can interlink the multiple domestic-based <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&amp;ref_src=twsrc%5Etfw\">#CBDC<\/a> networks emerging worldwide to make cross-border payments with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/DigitalCurrencies?src=hash&amp;ref_src=twsrc%5Etfw\">#DigitalCurrencies<\/a> more seamless &amp; frictionless.<\/p>\n<p>Learn more: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/SgvjDf1dl4\">https:\/\/t.co\/SgvjDf1dl4<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/99g99A070H\">pic.twitter.com\/99g99A070H<\/a><\/p>\n<p>\u2014 SWIFT (@swiftcommunity) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/swiftcommunity\/status\/1527258133059469313?ref_src=twsrc%5Etfw\">May 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Cointelegraph reporters on the ground at Davos noted that in another panel session titled \u201cRules of the Road for Digital Economy,\u201d Miebach talked about the role regulation can take in reducing the unnecessary noise around a nascent technology like crypto.<\/p>\n<p>\u201cNot everyone is screaming for regulation but it does reduce the noise in the crypto world. Engaging actively with regulators and being principled, I am optimistic,\u201d he said.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/swift-probably-won-t-exist-in-5-years-mastercard-ceo\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; WEF 2022: SWIFT probably won&#8217;t exist in 5 years, says Mastercard CEO &#8220; Mastercard CEO Michael Miebach said on Tuesday that he does not expect SWIFT, one of the most widely used platforms for cross-border fiat transactions, to exist in five years&#8217; time.\u00a0 Miebach was speaking at a panel session on central bank digital&#8230;<\/p>\n","protected":false},"author":1,"featured_media":453078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvM2RlOGZkNmUtNmQ1NS00OTBiLWI2OWEtNzEyZmIxNGUxMjY5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75046,75159,77423,74889,82570,117],"class_list":["post-453077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cbdc","tag-digital-currency","tag-mastercard","tag-payments","tag-swift","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/453077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=453077"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/453077\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/453078"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=453077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=453077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=453077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}