Among the key topics of discussion for investors in recent years has been what the Federal Reserve is up to. As the central bank for the U.S., the Federal Reserve’s policies have real implications on financial markets. Today, it appears a key ISO 20022 update is inviting investors to consider a potential ISO 20022 crypto list of tokens that may benefit from this implementation.
According to a recent statement from the Federal Reserve Board (FRB), a new message format will be adopted for the Fedwire Funds Service. The FRB has invited public comment on this proposed move in order to speed up the adoption of this proposed change.
Essentially, ISO 20022 is a fast-growing global language for messaging in the cross-border payments space. It’s an improvement over the existing payments infrastructure that’s slower and more costly. Essentially, the FRB is looking at ways to optimize and streamline its payments infrastructure. Sounds good.
However, for big-name cryptocurrencies like Bitcoin (CCC:BTC-USD), some crypto experts are suggesting this payments infrastructure could disrupt the potential of various large crypto networks from achieving their goal of being ubiquitous means of transferring money overseas. That’s because ISO 20022 removes much of the benefit many cryptocurrencies can provide in a centralized setting.
However, some cryptocurrencies are currently compliant with ISO 20022. Let’s take a look at the list of cryptocurrencies investors are watching following this announcement.
ISO 20022 Crypto List
Among the key cryptocurrencies various experts have noted are compliant with the ISO 20022 update are the following:
- Ripple (CCC:XRP-USD)
- XDC (CCC:XDC-USD)
- Stellar Lumens (CCC:XLM-USD)
- Iota (CCC:IOTA-USD)
- Algorand (CCC:ALGO-USD)
This update stands to level the playing field for digital currencies globally. However, only those digital currencies that are compliant with ISO 20022 may be used in a centralized setting. While many crypto enthusiasts note that cryptocurrencies are made to be decentralized, the progress global central banks are making on this front may be too enticing to ignore. Accordingly, these tokens have more upside as potential partners in some sort of global central bank money transfer-process update.