Venezuela Might Be Affected by Russian Banks’ SWIFT Suspension
Analysts from Venezuela have expressed their worries about the expulsion of a number of Russian banks from SWIFT, an international messaging system that allows the interconnection of banks. These measures could affect the finances not only of Venezuela, but also of other countries in the region, damaging their capability to move funds, which is highly dependent on services provided by Russian banks. Russian Banks’ SWIFT Expulsion Could Affect Venezuela The recent announcement of the expulsion of some Russian banks from the SWIFT payments system has raised concern about the....
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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....
A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from the Competence Center of the National Technology Initiative at the St Petersburg State University in Russia announced they are preparing to trial a new interbank payment system, an alternative to SWIFT. The latter is now inaccessible for major....
Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks. Rostec Employs Distributed Ledger Technology to Substitute SWIFT Russian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and the storage of digital currency. CELLS is intended as an alternative to....
Update: The source of the downtime seems to be an attack on a website (DolarToday) which was using CloudFlare. As a result, multiple sites, including bitcoin sites, were unavailable for hours earlier today. According to multiple complaints from Bitcoin users within Venezuela, the government of Venezuela has started blocking several known Bitcoin websites. The affected websites include Bitcoin exchanges, Bitcoin news sites, and also Bitcoin mining sites. The major ISP in Venezuela is CANTV, who has previously done similar censorship in the country. Like last time, the Venezuelan ISP has....
The rivalry between XRP and SWIFT (Society for Worldwide Interbank Financial Telecommunication) is back in the spotlight following new findings from major Japanese banks. Recent data revealed that XRP is significantly cheaper and faster than SWIFT for cross-border payments. The report underscores the asset’s growing use in real-world transactions across Asian markets and highlights the […]