The trouble with the weaponization of the Western Financial System is alternative systems become increasingly attractive as countries (even neutral ones) realize their vulnerability. A similar thing has happened at a smaller scale with dollar denominated payment gateways like VISA etc have found themselves replaced by national switches at a local level. The wise countries and regional blocs will start to prepare and implement parallel financial eco-systems and mandate their use by entities wishing to do business in their countries.
Needless to say, the theft of countrie's economic assets held in off shore banks, including dollars owed by the US, erodes trust in those institutions as well as the dollar.... The person most responsible for the implementaion of other currncies by contries otside of the 'international community' is Trump and the continuation of his policies by biden will insure that there will be rival mediums of exchage to the dollar world wide. The initial economic respoince to sanctions in russia was the tanking of the ruble.... That was quickly reversed by russia demanding payment in rubles for it's hard comodities. The ruble quickly climbed to it's pre sanction value after that.
Rupay was created especially to reduce the dominance of VISA & Mastercard. Since it's creation, it has successfully replaced over a significant usage of VISA & MasterCard in India.
The financial systems should be neutral and should never be weaponzied although local platforms should exist to keep the country alive if any politicians talk too much. 😉
If the barrage of sanctions is aimed at punishing Russia for the conflict that caused a humanitarian crisis, then where did the sanctions go when the conflict occurred in the Middle East???? Human reasons often become fairy tales during the day😅
China is having a problem Because young pple all over the country refuse to work And it's GDP has dropped dramatically It's so bad the PM is begging them to work
@@Grizzlyx9 ..if you make a reserve currency..a weapon. People will lose confidence and eventually replace dollar..this will cause hyperinflation in us
Detached from swift overnight is a thing that China Russia and I think India are planning and work for it years now. the sanctions against Russia will simply accelerate the implementation of this alternative to SWIFT System
Intermediary bank process should be investigated. Send first time fee is x, send second time (same details) fee is y. Ask receiving bank about it, they don't know. Ask sending bank about it, they also don't know.
This article glosses over the geopolitical and national security reasons for alternative systems to gain prominence. Nobody ever said SWIFT had to disappear for parallel networks to grow. The Chinese govt also aren't simply going to passively hope that other countries join their system. There are other reasons that countries would like to join the Chinese system as well. Eg. Developing economies lacking large US currency reserves, would be interested in dealing directly in Yuan where possible, and if not threatened by the US Empire 🙄
UPI system is all over in india even street vendors can use it . Hope it will replace swift payment so that monopoly can be broken and give way for new beginning
I am no specialist but it seems that SWIFT is just secured, structured messaging. Funds does not change hands with a SWIFT message. You need to follow it with a complex settlement process (like the CHIPS system) to move funds around and that can only be done when relationships are in place. Without a settlement system SWIFT is useless, and the settlement system is much harder to replace because it's a set of long established financial IT/business processes and contractual relations.
@@agarwalamit081 But NPCI is collaborating with Singapore banks to provide UPi service their deadline is July 2022. Nepal, Bhutan and UAE are also in process....Then we can demomstrate UPI can work internationally.
I HAVE INCURRED SO MUCH LOSSES TRADING ON MY OWN...I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED... CAN ANYONE HELP ME OUT OR AT LEAST TELL ME WHAT I'M DOING WRONG!
Can we appreciate the afford and times being used to make this extra ordinary beautiful report about SWIFT?🤑 Credit goes to Nessa Anwar,Eli loh, nicky 👇Suryono, Victor Loh, Cristy Garret🖤
SWIFT is not trusted enough since they can steal our money instantly if we have different idea. Better use 2 or 3 SWIFT system like so we can reduce the risk.
India's🇮🇳 UPI has a huge potential to be an alternative to SWIFT. It has NO transaction charges (MDR) & can instantly transfer money between banks, e-wallets, merchants & consumers. You are just required to scan a QR code or have the UPI Id of the party involved. It is Simple, secure & hassle free. It is also accepted in developed countries like France, Singapore, Switzerland, Japan, S. Korea & The UK.
I recommend you guys should check out the _UPI_ system of India & I guarantee you SWIFT no longer will be needed. Soo seamless & easy to use & transfer you cannot even fathom!
Swift is a system, hardware, software, operator and data, all system can be replace. System is good when the outhority who control it use it as positive aspect of the members, if malfunction can be repair, if use as political pressure to member soon or later will be collapse and replace with better one.
Russia demands payment in Rupees, checkmate swift! I love the narrator saying, “countries that get out of line…” you mean won’t put up with USA meddling! lmbo Welcome to losing world currency status - just focus on your problems at home and Europe take care of itself
Anything can be replace.....how long does it takes ? Russian system works in russia ONLY and Chinese system works in China only.It is good that sanction are destructives now so autocracies & dictators can still park their cash somewhere but it is not businness as usual. Cutting the cash flow is the only thing that works in the loong run without fighting wars.
How does this affect the common citizen especially,if you have a corrupt political system.Will our lives change for the better ? Will we be left to mow lawns.
So I can't send money to Europe and nobody can send money to me. Also you can't pay in Russia with your foreign bank's VISA/Mastercard card now. So you need cash then get a local bank card and then you can deposit and pay with that local card in the country.
@@ЕвгенийПетров-в5п: It means that there would be normal currency.... And then another layer of electronic tokens that makes it to a ratio on top. That is what is like to happen. It's a form of debasing as well ? But it's weird that a lot of millennials are seeing it as money. It's basically a form of prepaid. Cos the way that the crpyto is structured isn't more than an actual mlm at the moment.
I want to show a parcel paper which is standard setter bank forgan payment office I want to show a parcel paper please help true or false I am from Bangladesh
I want to show my parcel paper please tell me if it is ok or not I want to tell something important which I don't understand whether it is true or false uk Bangladesh
Cryptos are very volatile. You wouldn't want to send large amount of money using Cryptos. Central Bank Digital Currency will be the way forward using electronic Blockchain exchange setup by a consortium of central banks and the Bank of International Settlement. This will be parallel to Swift. Trial is being held in Singapore.
