What happens when ISO 20022 goes live?

What are the potential impacts and changes that can be expected once ISO 20022 goes live? Will it revolutionize the way financial transactions are processed and communicated globally? How will it affect the cryptocurrency industry specifically? Will it enhance security, transparency, and efficiency in the sector? What new opportunities and challenges might arise for market participants? And how will regulators and policymakers respond to the introduction of this new standard?