Russia Said SWIFT Ban Could Be Tantamount To A Declaration Of War
A SWIFT ban could make Russia go nuts again. Russia’s invasion of Ukraine triggered a cascade of consequences that were rapidly felt throughout the world. Apart from property and human life, global finance – and cryptocurrency in particular – took a significant hit. On Saturday, the US and its Western allies blocked certain Russian banks’ […]
Related News
The first deputy governor of the Central Bank of Russia (CBR) has been vocal in a recent online meeting, reported by Russia Today (RT), about the topic of digital currencies challenging the SWIFT international payments system and make it redundant. Digital Currencies Could Challenge SWIFT System, Even Replace It According to Olga Skorobogatova, the development of digital coins makes international banking payment systems a topic of discussion, in the way that such traditional logic could become obsolete. She backed her comments on the fact that over 30 financial regulators “are....
Bitcoin’s price increased momentum early Monday, breaking through the 38,500 barrier zone, but mostly wobbled after Russian President Vladimir Putin’s nuclear deterrence alert announcement. The cryptocurrency attempted an upside run beyond $39,500 and $40,000 but corrected down on Sunday as Putin increased the alert level on his country’s nuclear deterrence in the face of new Western sanctions for assaulting Ukraine. Following a 0.27% decrease on Saturday, Bitcoin fell 3.65% to close the week at $37,704. Additionally, it was a gloomy session for the remaining major....
Russia would likely welcome replacements for SWIFT as the nation's banks have been threatened with being removed from the network.
Russia could turn to cryptocurrency if it is banned from the SWIFT payments system. Analysts have warned that if Russia is able to use crypto to evade sanctions, “political support in the U.S. for crypto will fall and regulatory risk will rise.”
Crypto Faces Regulatory Risks if Used by Russia to Evade Sanctions
Amid growing talk of banning Russia from the SWIFT global interbank payments system after its invasion of Ukraine, some analysts have warned that Russian President Vladimir Putin could turn to cryptocurrency to evade sanctions.
“We....
With a combination of external punitive measures and internal strife, Russian financial turmoil looks set to continue – and the mood about Bitcoin’s future role is definitively mixed. In a resolution adopted Thursday last week, the European Parliament called on member states to move to block Russian access to the SWIFT payment system. The legislation will now move forward to the European Commission, whereupon it will rest with individual states to act together if it is to come into force, Russian news agency RIA Novosti reported. SWIFT, or Society for Worldwide Interbank Financial....