SWIFT sanctions against Russia may be pointless due to rising alternatives such as Ripple and CIPS

The Biden regime along with numerous European nations have imposed “crippling financial penalties” on Russia for its invasion of Ukraine. But are these penalties really doing anything?

Russia’s removal from the SWIFT financial system, for instance, could be a meaningless move as SWIFT appears to already be on the way out.

Blockchain startup Ripple Inc. is rapidly replacing SWIFT, as is the Chinese Alternative Global Payment Systems (CIPS). Growing competition, in other words, is already rendering SWIFT obsolete.

“SWIFT could be nearing its end as Russian banks have now joined China’s Alternative Global Payments Systems (CIPS),” reported Cryptocurrency Newsroom (CN) back in November of last year.

“The Russian government has received sanctions from the U.S. via SWIFT, which has led them to look for other alternatives for conducting cross-border transactions such as cryptocurrencies.”

Russia’s removal from SWIFT was reported almost as a victory, as it will now allow banks in Russia to run their finances through China. (Related: The Biden regime is now threatening cyberattacks against Russia over Ukraine invasion.)

“As a first step towards moving away from the USD, Russia has stepped up its gold buying process over the past ten years,” CN added. “The introduction of the CIPS, which is already considered a Chinese SWIFT, is an indication that Russia has abandoned a dollar-denominated financial transaction.”

“The introduction of CIPS by Russian banks should make transactions between Russia and China very easy, while also encouraging other countries to adopt the system.”

It turns out that Russia has also been developing its own alternative payment system called SPFS (System for Transfer of Financial Messages). It was built following earlier U.S. threats against Russia that indicated removal from SWIFT was imminent.

“It has already won over 500 participants, including large Russian companies and financial institutions,” CN further revealed.

Russia doesn’t need SWIFT, which was already on the way out before the Ukraine invasion

Then we have Ripple, one of the leading companies in the crypto and blockchain sector. The goal of Ripple is to use blockchain technology to revolutionize the cross-border payment space in order to facilitate faster transactions that cost nothing.

The release of corresponding products such as xRapid that aim to improve transactions between banks while reducing transfer fees further suggests that SWIFT is already obsolete and not really worth anything to Russia anymore anyway.

“The sanctions imposed by SWIFT on countries like Russia and Venezuela have pushed these countries to find alternatives, especially when it comes to cryptocurrencies,” CN says. “Venezuela is now one of the most popular cryptocurrency-friendly countries in the world.”

“If or when SWIFT as the dominant cross-border payments system is overturned, it could signal the end of the US dollar as the world’s currency. If Ripple replaced SWIFT, XRP would be massively adopted, while the Chinese yuan would become the number one fiat currency denominator if CIPS becomes the main cross-border payment platform.”

“Not too long ago, Putin took Russia entirely off the worldwide grid to make sure it would remain functional without connection to the rest of the world,” noted a reader at Natural News about how Russia is already prepared for that scenario, too.

“It worked. Checkmate.”

Another reader wrote that this new “controlled world war” is clearly being engineered by “the fine folks at the World Economic Forum.”

“The ‘rationing’ biometric vaccine card is ready for takeoff,” this same person added about how the Ukraine invasion is simply the next phase of the plandemic, which involves deconstructing the current world order and replacing it with a new world order.

“Check out the new FDA captain. He’s all in when it comes to the wearable / implantable transhuman 4th industrial revolution.”

More related news can be found at Collapse.news.

Sources for this article include:

APNews.com

CryptocurrencyNewsroom.com

NaturalNews.com