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Cryptocurrencies, a term that has flooded the media and investor conversations, have stirred up strong emotions and reactions.

Ponzi scheme: the truth behind the crypto Ponzi myth

ISO 20022 is an international standard for financial messaging that lets banks and payment systems exchange information with a shared structure and meaning. It is not a cryptocurrency, a money transfer network or a stamp of investment value, even though it is often presented that way in crypto discussions.Picture two banks trying to coordinate a wire transfer while each fills out a different form. ISO 20022 helps them speak the same language. In our view, that is where its usefulness lies, not in promises that some list of coins will suddenly gain a privileged position in the banking system.What is ISO 20022ISO 20022 is a standard from the International Organization for Standardization (ISO). It defines a common way to model financial information and to develop messages for payments, securities and other financial processes.The point is not just the format of a file. It is also the shared meaning of the data: who pays, who gets paid, what amount is transferred, in which currency and for what purpose. When systems understand these details the same way, misinterpretations and manual corrections are reduced.Many implementations use the XML markup language to structure messages. But an XML file does not automatically become ISO 20022-compliant: it has to follow the appropriate message model and the rules of the system it is used in.How it works in practiceImagine a Greek business paying a supplier abroad. Along with the payment order, the details of the beneficiary, their account, the amount and information linking the payment to the corresponding invoice all need to travel together.In older message formats, some of this information may be crammed into limited free-text fields. With ISO 20022, richer, structured data can be used, so the system receiving the payment can process it more easily.Think of the difference between a bag full of receipts and an organized set of accounting records. The information may be there in both cases, but in the second it is much easier to find what matches what. The same benefit is the goal when automatically matching an incoming payment to the right invoice.How it relates to SWIFT and bank paymentsSWIFT and ISO 20022 are not the same thing. SWIFT provides infrastructure and services for exchanging financial messages, while ISO 20022 defines how the information in those messages can be organized.SWIFT’s migration of its services to ISO 20022 is about exchanging richer data instead of older communication formats. It does not mean that bank payments must move onto a blockchain or that they have to use any particular token.Also, SWIFT gpi is not a synonym for ISO 20022. Payment tracking and improvement services and the messaging standard can be combined, but they serve different functions.ISO 20022 is also used beyond SWIFT, for example in euro payment infrastructures. There is no single date on which every bank, country and service in the world switches systems at the same time.What are the benefits and where are the limitsThe real advantage is better-quality information. This can help banks automate processes, spot missing details and reduce the cases that require human intervention.Easier payment processing: less need for an employee to interpret vague descriptions.Better accounting reconciliation: more useful information about incoming payments and invoices.Support for compliance checks: clearer data about the parties involved and the payment.Easier communication between systems: shared concepts instead of different interpretations for every connection.These are potential benefits of a proper implementation, not automatic guarantees. The standard on its own does not ensure instant execution, low fees or zero errors.We also need to correct a common misconception: ISO 20022 is not an encryption mechanism. Security and confidentiality depend on the infrastructure, access control and data protection. More data in a message also means more information that needs to be protected.ISO 20022 and cryptoThe link with cryptocurrencies is mainly about the ability of financial systems and blockchain applications to communicate. An application can receive bank messages, map their fields to its own data and coordinate a payment process.This can be done through middleware, without the blockchain itself natively using ISO 20022 messages. So the compatibility of a specific application is one thing, and the general claim that a coin is “certified” is quite another.Even when a company takes part in relevant standardization groups, that does not translate into ISO approval of its token. Nor does it prove that banks need to buy or hold that particular asset.Are there official ISO 20022 coins?There is no official list of cryptocurrencies approved by ISO as “ISO 20022 coins.” The label is used online for projects that are connected, each in a different way, to payments, interoperability or financial applications.XRP, Stellar (XLM), Quant (QNT), XDC Network (XDC), Hedera (HBAR), Algorand (ALGO) and IOTA often appear on these lists. Listing them together does not establish a common level of compatibility, a shared technology or official certification.Ripple, for example, is a company, while XRP is the native digital asset of the XRP Ledger. The distinction matters: a partnership, a corporate product and the use of a token are different things.When we read that a project is “compliant,” we look for a specific answer: which product supports which messages, in which application and with what documentation? Without that, the label says very little.What it means for users and businesses in GreeceFor an individual sending euros through their bank, the change is mostly in the infrastructure running behind the app. You don’t need to get any “ISO coin” to use a banking service.For a Greek business, the practical interest lies in connecting bank transactions with accounting software. If the available fields are used properly, identifying incoming payments can become easier. This depends on the bank’s services and the software’s implementation.ISO 20022 does not determine how AADE (Greece’s Independent Authority for Public Revenue) taxes crypto. Nor does it replace the EU’s MiCA regulation: technical compatibility is not the same as a regulatory license or protection from investment losses.Our takeThe Cryptonomy team sees real value in a common language for financial systems. Less ambiguity and better automation are useful developments, even if they don’t come with eye-catching headlines.However, there are adaptation costs, a need to upgrade legacy systems and a risk of losing information when converting between different formats. For crypto, our assessment is that what matters is an application’s proven functionality and the real role of its token. ISO 20022 is not a magic ticket to bank adoption or a price rally.Frequently asked questionsWhat is ISO 20022 in one sentence?It is an international standard that gives financial messages a shared structure and meaning, so different systems can exchange information more consistently.Is ISO 20022 a cryptocurrency?No. It is a communication standard and has no coin, blockchain or token of its own that users need to buy.Which cryptos are ISO 20022 certified?There is no official ISO list of certified coins. Compatibility claims should be examined for specific products and implementations, not as a blanket approval of a token.Does ISO 20022 replace SWIFT?No. SWIFT uses ISO 20022 in its messaging services. One is about infrastructure and communication services, the other about how information is organized.Does it guarantee faster and safer transfers?It can support more efficient processing through better data. Speed, fees and security also depend on the banks, the payment infrastructure and the checks that are applied.Does its adoption increase the value of related tokens?There is no such guarantee. Using a technology does not necessarily mean demand for its token, and the “ISO 20022 coin” label does not establish future returns.