Bitcoin saves Russia from Swift!
Bitcoin saves Russia from Swift!
 |
| Bitcoin saves Russia from Swift! |
In a bold - and smart - move, Russia has re-legalised dealing with digital currencies (which it was previously prohibited from) in order to confront its deprivation from the centralized "Swift" system.
The idea here is to open the “decentralized” transactions provided by the blockchain technology, as it allows the exchange of any amount of funds in a decentralized manner, from the sender to the receiver directly without going through any central authority such as banks and various financial institutions.. P2P
This brought some revival to the crypto market, and the green color is back invading its markets, despite the war on Ukraine, which is the world's first in cryptocurrency mining.
swift
It's a global system for the exchange of money between banks, accepting transactions between financial institutions between all countries of the world
Its letters are an abbreviation for the phrase (International Financial Communication Association between Banks) a cooperative organization that provides a service at a high level of efficiency. This system aims to provide the latest scientific means in the field of linking and exchanging messages and information between all financial markets through the banks responsible for implementing this in various countries of the world.
The idea of the SWIFT arose at the end of the sixties with the development of global trade and the SWIFT organization was formed in 1973, headquartered in Belgium and starting its activity in 1977.
The number of participating countries is more than 209, including most of the Arab countries, and the number of joint financial institutions exceeds 9,000.
Post a Comment