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DailyBubble News

ISO 20022 and the Trillion-Dollar Aspiration

Cryptocurrency adoption is gaining traction in the financial world, with authorities within financial institutions and central banks beginning to acknowledge and embrace this digital currency. One significant development is the implementation of the ISO 20022 standard, which is cryptocurrency compliant. Hedera Hashgraph (HBAR) has emerged as a leader in implementing this standard.

ISO 20022 is set to revolutionize global payments by providing a secure and standardized framework for exchanging financial messages across borders. Over 70 countries, including Switzerland, China, India, and Japan, are preparing to adopt this standard, promising unprecedented harmonization and efficiency in cross-border transactions.

As the financial services sector transitions towards using ISO 20022, cryptocurrencies like Hedera (HBAR), Stellar (XLM), and Cardano (ADA) are positioning themselves as leaders in this transformative era. Hedera Hashgraph (HBAR) stands out for its implementation of the ISO 20022 standard, making it cryptocurrency compliant. The platform’s native cryptocurrency, HBAR, is a versatile asset used for transactions and network security.

Stellar (XLM) is another key player in the ISO 20022-enabled cryptocurrency space, focusing on facilitating fast and cost-effective cross-border transactions while promoting financial inclusion globally. Lumens (XLM), the native currency of the Stellar network, plays a crucial role in enabling efficient cross-border transactions and asset tokenization.

Cardano (ADA) is an example of ISO 20022 blockchain technology that prioritizes compliance with regulations. The platform aims to provide a secure and scalable environment for developing decentralized applications and smart contracts. Through its proof-of-stake consensus protocol Ouroboros, ADA holders can contribute to decentralization and governance while earning rewards from staking.

The implementation of ISO 20022 is expected to transform various players in the financial ecosystem, including financial institutions, corporations, market infrastructure providers, and technology companies. This standard will focus on over 200 payment types, ensuring uniform formats and data components to enhance efficiency and transparency in cross-border transactions. Overall, the adoption of ISO 20022 is poised to drive innovation and standardization across the financial sector.

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