Cryptocurrency

Out of context: Reply #422

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  • drgs1

    Is this hopium crazy talk or could Ukrainian war be a start of something?

    https://www.protocol.com/policy/…
    "So why are sanctions against Russian banks still on the table, while cutting off SWIFT access has been deemed a step too far? There’s a simple answer: Removing Russian access would constitute an economic shock that U.S. politicians and corporations would rather not instigate.

    There’s a more complicated and consequential explanation, however, that has to do with anxiety over the U.S. dollar’s status as global reserve currency. SWIFT sanctions, rather than being a “nuclear option” thwarting Russia, could be the first domino in a sequence of events that bolster China- and Russia-backed alternative digital payment systems. Such sanctions might also, in the long run, steer emerging markets toward blockchain-based systems that would reduce global reliance on the U.S.-centric international monetary system. Altogether, SWIFT sanctions could very well incite the dedollarization of the world economy."

    drgs 1Permalink
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    • Without SWIFT, Germany can't pay for gas, French banks can't be repaid for loans, Cypress falls into the ocean, and Italy struggles to offload Gucci loafers.monNom
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