HomeFinanceThere’s ZERO chance Russia will bypass SWIFT using crypto

There’s ZERO chance Russia will bypass SWIFT using crypto

SWIFT is the Society for Worldwide Interbank Financial Telecommunication. It was created all the way back in 1973 and it’s Belgian. it serves as an intermediary and executor of financial transactions between banks worldwide. SWIFT doesn’t facilitate the transfer of funds: it really just functions like a messaging system, sending payment orders which are thensettled by correspondent accounts that the institutions have with each other. It doesn’t hold accounts, doesn’t perform clearing, it just sends an absolutely monstrous number of financial messages – 42m a day on average. But leading up to Russia’s invasion of the Ukraine the threat of cutting Russia off from SWIFT was being called the nuclear option. The thing Russia would fear the most. Now it’s very much on the table as the West fronts up to the reality that Russia don’t give a damn about any of the sanctions so far imposed. But now the talk is of Russia using crypto as an escape route. Is this realistic and how would that even work?

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