Russia bypasses SWIFT banking ban with Blockchain Technology
Russia bypasses SWIFT banking ban with Blockchain Technology
Russia's war on Ukraine has seen some of the most sanctions placed on a nation and individuals in the history of sanctions. The move from Western Nations has also led to energy supply issues as many race to plug holes in their cheap exported gas from Russia.
On of the sanctions placed on Russia was banning the soviet nation from accessing Swift banking systems which stands for Society for Worldwide Interbank Financial Telecommunications which is a network that banks across the world use to transfer funds quickly and securely across the world.
Blocking Russia from accessing SWIFT was seen to be a way to further slow down their trade and enforce trade and economic sanctions delaying purchasing and selling of items.
Russia Develops its own international payments system with Blockchain
But in a move that was supposed to slow the soviet nation it has led to Russia creating its own international payment system with blockchain technology. In a move by the west to prevent Russian trade it has caused Russia to drive a head and develop a system based on new and emerging technology to compete against the current SWIFT system.
The Novosibirsk Institute of Software Systems (NIPS) has developed a platform called CELLS based on distributed ledger technology in affiliation with Russia's Rostec Group.
Ruble to replace US Dollar
Moscow's search to identify an alternative financial payment system has enabled them to develop a blockchain solution that will allow them to send the Ruble in real time also enabling foreign nations to pay for Russian goods with their own currencies.
Being on the blockchain each user will be able to create a wallet to store associated national currencies as well as the ability to store other digital currencies.
The development and use of blockchain technologies also coincides with Russia recently reneging on their position against cryptocurrencies which Russia is currently considering using cryptocurrencies in international trade settlements.
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I think it will give a boost to current bear market, and if real fiat coverts to digital fiat and vice versa, it might pull out Russia and give an edge over ongoing sanctions and embargos.
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But for other cryptos, most Ruble pairs were just not liquid enough on CEXs to have any (mis)use for them. Now it sounds like Russia created its own version of Ripple and it seems Russia suddenly started to invest in its blockchain and crypto talent
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The USD isn't going anywhere and I believe Russia was already evading it. They just have to pay extra to have a middleman take the trade and the other side will not care because they will earn money.
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They're still loaded individuals with lots of wealth and they will just wait it out
Who would have known that Russia is going to accelerate crypto adoption worldwide but here we are...
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Wouldn't that be an ironic thing to occur no doubt many would be watching and waiting to see the outcome
Well I do not support any political government, but this innovation based on blockchain technology will make it very clear that the current banking and economic systems are very obsolete and very centralized, I think that more allied nations like Nicaragua or Venezuela will create something like this, and if we look at it from a development point of view, it will put blockchain technology in the public interest.
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Our attempts to hurt Russia fiscally are laughable, and instead we are destroying the petro dollar.
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