Re:Swift payments network to cut access to crypto exchanges
by martin8412 on Saturday January 21, 2023 @06:22PM
(#34471908)
Crypto is not a competitor to banks.
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Re:Swift payments network to cut access to crypto exchanges
by notch656c on Saturday January 21, 2023 @06:44PM
(#34472191)
Crypto as a competitor to SWIFT is kind of interesting though. SWIFT is basically a fast international transfer. Crypto is actually pretty great for that because you can do a fast transfer against domestic crypt/fiat pairs and after the int'l crypto transfer dump back into fiat so the currency risk is relatively low. Using SWIFT / int'l fiat transfer to buy crypto makes no sense.
In short cutting off SWIFT from crypto exchanges is a nothing burger because domestic crypto/fiat pairs are available and int'l transfer of crypto bypasses SWIFT.