While SWIFT’s role in the Russian invasion of Ukraine may be new, competitors from rogue nations to crypto nerds trying to circumvent the NATO dominated bank messaging system are far from new.
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“In the case of SWIFT, a lot of countries had to really bind together to freeze assets,” he says. “If money moves in real time, like it does with these more modern payment solutions built on crypto, you can cut them off right away.” Make no mistake, with Russia cut off from SWIFT, workarounds won’t be simple. In order to use another form of financial intermediary, both parties would have to agree to that avenue. While it may be easy for Russia to move its business with allies onto another set of rails, that list of sympathetic counterparts is not long.
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