Ukraine: Russia Can Handle Bitcoin SWIFT

Ukraine: Russia Can Handle Bitcoin SWIFT

The country’s exclusion from the international banking communications network SWIFT is also a severe punishment against Russia. According to experts, this exclusion should not lead to complete financial isolation in the medium and long term. At least in theory, Russia has two SWIFT alternatives available in the cryptocurrency space, said Philip Sandner, an economist at the Frankfurt School of Finance and Management. dpa.

On the other hand, Russia can switch to classic cryptocurrencies. On the other hand, President Vladimir Putin may try to link his country to the new Chinese digital currency e-Yuan (eCNY). “In the short term, the alternative options in the direction of crypto assets such as Bitcoin and Ethereum as well as the electronic yuan are still theoretical in nature,” said Sandner, who is considered one of the leading experts on digital currencies in the world. Germany. However, this may look very different in the medium term. “A lot can be done in six to twelve months. But you won’t be able to do it in a few days.”

Digital electronic yuan

Sandner sees greater obstacles in switching to Chinese digital currency, which was introduced at the Winter Olympics in China: “Until now, digital e-Yuan was only about local payment transactions. Until now, people and companies from abroad were working online there not in concentration “. Sandner said that it has been possible to change values ​​across cryptocurrency platforms for years. This applies not only to Bitcoin or Ethereum, but also to the so-called stablecoins that are closely related to the US dollar, such as Tether (USDT), USD Coin from Circle or PAX.

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“Transfer of large sums also works. But so far, it is mainly done by individuals, especially young tech-savvy people. But they only make up about 5 percent of the population.” As a rule, companies have no experience with Bitcoin & Co. , but is firmly embedded in the SWIFT system.

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