SWIFT decision to back the sanctions could threaten the status of the dollar as world's reserve currency

SWIFT, a Belgian cooperative founded in 1973, is nothing less than the backbone of the entire global financial system. Its lifeblood is U.S. dollar liquidity. Without it, SWIFT would swiftly collapse, no pun intended, and global credit circuits along with it. SWIFT must obey Washington’s dictates, but up until Monday morning, it was unclear what those dictates even were.

Now it seems that under pressure of the Trump administration SWIFT has decided do disconnect the Iranian central bank from the system. But this decision could lead in reaction to the creation by the European Union of a euro-backed interbank system that the U.S. would have no ability to oversee  and that could include Iran, Russia and China. And this could be a very serious blow to the status of the dollar as the world's reserve currency.

https://www.gurufocus.com/news/765857/trump-playing-fire-with-the-dollar-by-locking-iran-out-of-swift

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Russia is already trying to push forward  SPFS its own blockchain-based alternative to SWIFT.

Foreign banks will soon be able to become part of Russia's money transfer network and Russia is currently in talks on coordinating the SPFS and similar sytems operating in a range of countries (China, Iran Turkey...)

https://www.worldcoinindex.com/news/russia-working-on-spfs-a-blockchain-based-swift-network-alternative

https://www.rt.com/business/441733-russia-swift-alternative-foreign-banks/

https://www.urdupoint.com/en/business/russian-national-financial-transactions-syste-470740.html

 

 

 

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