Massive Protests Led to Suspension of SWIFT and Banking Activities in Kyrgyzstan
Kyrgyzstan has suspended the SWIFT system and recommended that banking activities be halted until the severe political unrest in the country stabilizes. Massive protests broke out after parliamentary elections as the opposition stormed government buildings and forced the prime minister to resign. Suspension of SWIFT and Banking Services The National Bank of Kyrgyzstan announced on Wednesday that the SWIFT system has been suspended in the country as the political unrest intensifies. The central bank also “recommends that commercial banks and non-bank financial institutions suspend....
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The bank is shutting down the SWIFT network as protests rocked the country. The central bank of Kyrgyzstan has disabled cross-border transactions on the SWIFT financial network amid widespread unrest over the country’s disputed parliamentary elections.Aida Karabaeva, an official representative of the National Bank of the Kyrgyz Republic, announced a temporary suspension of SWIFT in Kyrgyzstan in a statement on Oct. 7.According to Karabaeva, the bank decided to suspend SWIFT transactions in order to prevent capital outflows from the country and ensure the safety of assets. The executive....
In recent weeks, hot topics in the banking and blockchain technology sector have been the heist of $81 million from Bangladesh's central bank facilitated by hackers manipulating the SWIFT (Society for Worldwide Interbank Financial Telecommunications) messaging platform, and the oft-repeated buzzwords "blockchain" and "distributed ledger" as the "white knight" technology duo that's going to correct all that ails SWIFT. SWIFT is a global interbank messaging service connecting 11,000 financial institutions in more than 200 countries and territories around the....
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Kyrgyzstan's central bank wants to regulate cryptocurrency – licensing exchanges and barring its use in payments.