pull down to refresh

0 sats \ 2 replies \ @cryptocoin OP 26 Feb 2022 \ parent \ on: Why the West is reluctant to deny Russian banks access to SWIFT | The Economist bitcoin
Editor’s note: this explainer was based on a longer article published in December.
The (barely) longer article:
The hidden costs of cutting Russia off from SWIFT https://www.economist.com/finance-and-economics/2021/12/18/the-hidden-costs-of-cutting-russia-off-from-swift https://archive.fo/7nNzJ
write
preview
0 sats \ 1 reply \ @cryptocoin OP 26 Feb 2022
Newly emerging dilemma: if America uses its international financial power to cut major countries like Russia out of SWIFT, it encourages them to start their own systems, eroding that same international financial power
reply
0 sats \ 0 replies \ @cryptocoin OP 26 Feb 2022
The system only works within Russia,[3] though there are plans to integrate the network with the China-based Cross-Border Inter-Bank Payments System.[4]
The Russian Government is also in talks to expand SPFS to developing countries such as Turkey and Iran.[6] Owing to its limitations, the SPFS system is seen as a last resort, rather than as a replacement for the SWIFT network.
SPFS https://en.wikipedia.org/wiki/SPFS
reply