[soonnow]

It offers the benefits of bitcoin (as a money transfer mechanism) without it's downsides.

For example it reduces the costs of international transfers as well as the ease of doing them. Swift transfers are not fun and easy to get wrong and fairly expensive.

And with Bitcoin you'd end up with the currency exchange twice and then the gas or transfer fees.

Also payment in bitcoin fluctuates so you'd have to write the invoices in BTC, which is not that useful. But companies writing invoices in USD are common enough.

[benj111]

I agree tThenhis is the best plausible benefit, but the question arises, why not just improve swift?

We see with the Russia sanctions that the US wants to maintain control of the currency, so if this comes to be it's going to be hobbled as a crypto currency to do just that, and by that point you may aswell improve the existing infrastructure.

This is never going to be the electronic version of a dollar bill. Untraceable, irreversible. It's not going to get to the point where you can get rid of traditional banks. It's going to be a niche tool for niche applications. That's not bad as far as it goes, but I don't think it's what anyone is think of when they're discussing this.