BRICS to implement Replacement of SWIFT | What does this mean for Crypto Adoption?
1 March, 2022
Is SWIFT coming to an END?
With the world watching the events occuring in Ukraine, issues about the SWIFT banking system have risen to forefront. This has led to both sides having issues with the legacy banking system and cross-border remittances. A few reasons why these events are taking place is because of the security vulnerabilities of the current SWIFT system and sanctions being put in place by Ukrainian Allies on the current centralized banking system tied to Russian.
Russia and its allies have been working on a replacement for a few years, and now seems like the time where it will be implemented. Russia’s financial messaging system SPFS will be linked with the Chinese cross-border interbank payment system CIPS. This has been in discussion between the two nations for a while and plans to incorporate the other members of the BRICS Union have already been set in place. While India still does not have a domestic financial messaging system, it plans to link the Central Bank of Russia’s platform with a service that is under development. It’s rumored that the BRICS nations are separately exploring trade among themselves in national currencies.
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Brazil, Russia, India, China and South Africa could be the first nations to officially adopt a new banking system and pave the way for crypto and blockchain adoption across the world. Western sanctions could isolate Russia into trading with China, BRICs only.
Link to report: https://www.cnbc.com/video/2022/02/28/western-sanctions-could-isolate-russia-into-trading-with-china-brics-only-economist.html
Ukraine Official Twitter account was recently trending for requesting donations through Bitcoin and brought a lot of attention to the massive problem blockchain technology is solving by providing a decentralized platform to trade digital assets and have access anywhere with an internet connection. This has led many crypto enthusiasts to believe that rapid adoption is on the horizon. The combination of cryptocurrencies, blockchain Technology and Web3 has provided these tools necessary to facilitate the new financial system set to be introduced.
Crypto Adoption
We have seen the appearance of NFTs and the several uses being applied to that technology to tokenize and liquidate things that couldn’t be done prior such commodities and precious metals. NFT Gaming and NFT art has taken the lead in the past few years as being the catalyst to crypto adoption and the use cases. Projects like Decentraland, Sky Mavis, Animoca Brands and Onix are constantly innovating and attracting more users to the blockchain. Sky Mavis has a popular NFT Game called Axie Infinity which introduced many new users by having play to earn features, allowing people to make money while gaming. Another example of how NFT gaming is delivering more opportunities to the technology space is a project like Onix. This team of developers designed a layer 1 blockchain specifically for NFT gaming and provides tools and resources for both independent game developers. Army of Crypto is scheduled to be the first released on the platform in Q3 2022. Animica brands, a AAA gaming project, is one to already make a big impact on a global stage. This Hong Kong-based company is easily one of the top brands in the world – they are responsible for NFT gaming hit the Sandbox, as well as other NFT-based games such as Crazy Kings and Crazy Defense Heroes. Unlike a lot of starting studios, they have several games to their name already – and those include working with big IPs, such as WWE, Marvel, Power Rangers and Formula One.
Now with all that’s happening in Ukraine and Russia combined with the ground work already put in place by several crypto and blockchain projects, we can see exposure to this technology is reaching more households everyday. A metaverse world where people can escape the harsh realities of the events we’re facing today is looking more and more attractive everyday. Virtual interactions will become the reality and connect the world in ways we can never imagine. Whether it’s for business, education, sports, entertainment, politics or religion this tech will revolutionize the way we interact with each other. With the world already so connected through web 2.0, events in Ukraine are visible to the masses and a quick resolution to this tension will occur faster than most might expect. Pressure from the majority member nations of the UN is on both sides to find a peaceful solution and also the masses of people around the world who are watching the live events. The tools and resources are already available to rectify the issues both Russia and Ukraine are experiencing and it’s just up to the leaders to come to an agreement.
Written by: Trey Trillionaire