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Jacek.degen.eth 🎩
@jacek
Today I learned a little about ISO 20022. It’s a global financial messaging standard. Think of it like the grammar banks use to talk to each other. Why Are Banks Moving to ISO 20022 Instead of Blockchain? 1. Legacy Systems Still Rule Banks aren’t going to nuke decades of infrastructure overnight. ISO 20022 is a way to modernize without rebuilding the entire cathedral. 2. Regulation-Friendly Blockchain is still a legal gray area in many places. ISO 20022 fits neatly into existing legal, audit, and compliance frameworks. 3. Private and Permissioned Public blockchains are transparent. Banks need confidentiality, control, and permissioned access for most use cases. 4. Scalability Public chains aren’t (yet) fast or private enough to handle global finance volumes—millions of txs per second.
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thugkitten 🎩
@thugkitten.eth
ISO 20022 imho is written to primarily cater to Swift msging which was years in transition from the old standard (decade long even maybe) and have been goldmine for the consortium of banks performing execution and settling agent banks / custodian for cross border payments . Blockchain is way superior in my experience but if the incentivisation can eventually make sense to trad-fi , it could be leveraged in a big way. Stable coins are already the first killer app so naturally it could be then leveaged for cross border payments, but trad-fi likely will want to make sure they have their own before adopting Blockchain settlements
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