Will Russia switch to cryptocurrency if SWIFT is cut off?
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Answer Will Russia switch to cryptocurrency if SWIFT is cut off?
In the context of sanctions imposed on Russia for the invasion of Ukraine, the United States and the European Union have chosen not to isolate Russia from the SWIFT system for global interbank payments, at least for the time being.
Where he told US President Joe Biden that there is a possibility to reconsider the matter next Thursday.
British Prime Minister Boris Johnson lobbied very hard to ban Russia from SWIFT, while Ukrainian Foreign Minister Dmytro Kuleba wrote on Twitter:
Anyone who now wonders whether Russia should be denied entry to Swift must realize that they will have the blood of innocent Ukrainian men, women and children on their hands.
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Russia should be banned from Swift.
Switch to cryptocurrency:
There may be a shift to bitcoin and cryptocurrencies due to US and other sanctions targeting the Russian financial system and the possibility of it being expelled from the SWIFT payments network.
Central banks including the Bank of Belgium, the United States, Japan and Europe control SWIFT, a messaging network used by banks to send and receive money transfer orders or information.
According to data from the Bank for International Settlements (BIS), European banks account for the majority with nearly $30 billion of foreign bank exposure to Russia.
Other EU member states are worried about such a move because it would hurt Russian banks and make it difficult for European creditors to get their money back.
Russia is developing an alternative payment system anyway.
An EU official said:
Right now, urgency and loneliness are top priorities.
At this point, that means not moving on SWIFT because doing so would have wide-ranging repercussions, including in Europe.
- Source.
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