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Andy Mukherjee

Digital Cash Can Prevent Accidents on the $19 Trillion FX Highway

Only transactions in 18 major currencies are sufficiently protected each day. Blockchain can fix that.

Beyond the usual crypto suspects.

Beyond the usual crypto suspects.

Photographer: Chesnot/Getty Images Europe

On any given day, you’ll find $19 trillion of payment obligations dotting the busy highway of global finance, waiting to be settled.

These claims, all of which result from foreign-exchange trades, mostly reach their destinations without a glitch. But, blockchain evangelists claim, that is more luck than planning: Almost half of this amount remains just as exposed to accidents as it did on a day half-a-century ago when liquidators showed up unannounced at a midsize German bank.