MarcoPOLO@sh.itjust.works to World News@lemmy.ml · 9 months agoTehran and Moscow have completely abandoned SWIFT, the Central Bank of Iran saidwww.oreanda-news.comexternal-linkmessage-square5fedilinkarrow-up136arrow-down13
arrow-up133arrow-down1external-linkTehran and Moscow have completely abandoned SWIFT, the Central Bank of Iran saidwww.oreanda-news.comMarcoPOLO@sh.itjust.works to World News@lemmy.ml · 9 months agomessage-square5fedilink
minus-squareSpacePirate@lemmy.mllinkfedilinkarrow-up24arrow-down1·9 months agoTwo countries that can’t use SWIFT establish a transaction system no one else uses, that isn’t SWIFT. Got it.
minus-squarenekandro@lemmy.mllinkfedilinkarrow-up10arrow-down3·9 months agoSomewhat relevant since they form 2 of the 10 BRICS countries and China is often pretty eager to jump onto non-US systems for obvious reasons.
minus-squareRubberDuck@lemmy.worldlinkfedilinkarrow-up6·9 months agoWill be interesting to see if they trust eachother enough with the system. SWIFT is a large robust and proven system. Something new to the market could be engineered to favor one of the parties, this will be a test of trust as well as technology.
minus-squarefreagle@lemmygrad.mllinkfedilinkarrow-up4·9 months agoTwo large economies under Western sanctions establish an alternative that serves as a basis for sanctions avoidance.
Two countries that can’t use SWIFT establish a transaction system no one else uses, that isn’t SWIFT. Got it.
Somewhat relevant since they form 2 of the 10 BRICS countries and China is often pretty eager to jump onto non-US systems for obvious reasons.
Will be interesting to see if they trust eachother enough with the system. SWIFT is a large robust and proven system. Something new to the market could be engineered to favor one of the parties, this will be a test of trust as well as technology.
Two large economies under Western sanctions establish an alternative that serves as a basis for sanctions avoidance.