Larry Fink, CEO of the world’s largest asset manager BlackRock, believes that the ongoing crisis between Russia and Ukraine has boosted the case for digital currencies as an international transaction settlement tool.
In a letter to shareholders, Fink noted that the ongoing war would force nations to reassess their currency dependencies, which could eventually usher in a global network of digital payments., reported Reuters. He said that the war has put an end to the forces of globalization at work for the last 30 years.
Fink’s observation about the momentum in the digital currency market is quite spot on, as trade sanctions on Russia have already prompted many countries that import oil and gas from there to seek alternative payment networks beyond centralized SWIFT. India is reportedly developing a direct INR payment gateway to buy energy supplies, while discussion of a digital payment network is also on the rise.
“A carefully designed global digital payments system can improve the settlement of international transactions while reducing the risk of money laundering and corruption,” Fink said.
According to rumors, Ripple partner The Clearing House is in talks with Wells Fargo to develop an alternative to SWIFT
huge #XRP News!
Earlier I posted a video about a guy who revealed that Wells Fargo has been training on a #SWIFT replacement.
Now, I got an online service agreement update from WF, talking about Real Time Payments by Clearing House, a #Ripple partner!
Strap-in! 1/2 pic.twitter.com/PuYcrs5vnS
— Esoteric XRP ✨ (@Naturalmed777) March 15, 2022
Big news from XRP!
I previously posted a video about a guy revealing that Wells Fargo has been testing a #SWIFT replacement.
Now, I received an update on the WF online service agreement, talking about real-time payments from the Clearing House, a partner of Ripple!
Put on your seatbelt! 1/2
Local Bitcoin trading volume in Russia also saw an increase in March after seeing a steady decline over the past year. That said, before the invasion of Ukraine, the country was looking to regulate the cryptocurrency market in a positive way.
Ukraine, on the other hand, legalized cryptocurrencies on March 16, 2022, after receiving millions in support through cryptocurrencies from all over the world. The war-torn nation has already raised more than $100 million in crypto donations, which they have used to bolster their military and buy supplies.
Over the years Cryptocurrencies have proven to be a great hedge against hard times, but with the ongoing conflict in Ukraine, it has become a prominent tool for international deals and for sending quick relief.
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