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sharpn

US Gov Power over Ripple?

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I understand that the US government can request SWIFT to block it's transfer service for any country that's using it's messaging system. Does the same same rule apply for the Ripple products? I understand they won't be able to stop transactions on the XRP ledger but can they stop banks using the RippleNet & it's associated products I presume they can?

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29 minutes ago, Busa_ said:

Your first sentence is just wrong.  Didn’t bother reading beyond that 

Just recently U.K. was proposing that Russia is blocked from SWIFT network as means of trade sanctions . 

Am assuming it is possible otherwise why would it even be considered .

https://www.google.co.uk/amp/s/amp.businessinsider.com/russian-sanctions-swift-banking-ban-ukraine-putin-2014-8

Also there is no need to be rude and arrogant. It was a genuine OP not a paid BTC FUD er.

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Just recently U.K. was proposing that Russia is blocked from SWIFT network as means of trade sanctions . 
Am assuming it is possible otherwise why would it even be considered .
https://www.google.co.uk/amp/s/amp.businessinsider.com/russian-sanctions-swift-banking-ban-ukraine-putin-2014-8
Also there is no need to be rude and arrogant. It was a genuine OP not a paid BTC FUD er.
A few months back i think Russia was talking about building something like swift so they wouldn't have to rely on the US and swift. Seems like they're actively seeking/building an alternative.
So yeah I think indeed they can. yesterday I saw a video with slides from SAP, swift and ripplenet and the same point was being made that swift could refuse these payments on their network.

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I believe that Iran is also locked out of the SWIFT system.

It's an interesting question - what happens when / if the world moves onto RippleNet.

Will the US still be able to exert its influence?

Edited by CrypToe

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Europe is looking for a SWIFT alternative and one of their reasons is because the US holds to much power over SWIFT, since the US can actually force SWIFT to block transfers to a specific country. In this case that would be Iran. Europe still wants to do business with Iran though.

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in some ways the US lose, because they can't explicitly control things like they can SWIFT

but in many ways they win, xrp is like a trojan horse, coming across as neutral, but remember:

 -- the US govt controls (or at least influences) US companies to a large degree, and thus ripplenet, and ripple hold an obscene % of xrp
 -- the US gets lovely, juicy, delicious tax revenue from ripple, who will become a new apple or google soon
 -- the US govt get fantastic insight into how the IoV will unfold because ripple (and coil, etc) are on "home turf"

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1 hour ago, Speacher said:

Europe is looking for a SWIFT alternative and one of their reasons is because the US holds to much power over SWIFT, since the US can actually force SWIFT to block transfers to a specific country. In this case that would be Iran. Europe still wants to do business with Iran though.

That was my impression too. My point is Ripple is a American company so would the government try to control if they can't that's a major advantage over SWIFT as alot of countries want to move away from it due to that reason.

 

 

Edited by sharpn

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38 minutes ago, sharpn said:

That was my impression too. My point is Ripple is a American company so would the government try to control if they can't that's a major advantage over SWIFT as alot of countries want to move away from it due to that reason.

 

 

They might try to control Ripple. They can't control the XRPLedger however.

Not sure what that would mean for xRapid though.

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9 hours ago, CrypToe said:

I believe that Iran is also locked out of the SWIFT system.

It's an interesting question - what happens when / if the world moves onto RippleNet.

Will the US still be able to exert its influence?

 

I also wonder how this same dynamic would pan out. Ripple did form, in 2015, a governing body of banks (MUFG, BAML, RBC, Santander, Standard Chartered, Westpak; a.k.a the RippleNet Committee) who have been developing the rules and standards (04:56 - 05:15) by which all participants of RippleNet must adhere to. While we don't know a great deal about this rulebook or governance, I would bet that laws concerning AML/KYC/CFT (CFT-Countering Financing of Terrorism) would apply to all participants. There also exists a consortium of fintechs, exchanges, etc called the  Blockchain Alliance whose sole purpose is to help regulators and law enforcement bodies develop tools to track and prevent bad actors from engaging in criminal activities via blockchain technology. Ripple is an active participant (30:40 - 31:55) within this organization. 

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Guest

Could point to some form of partnership between Ripple and SWIFT. The US still wants to be able to shut off SWIFT for countries like in the past. But yeah, Germany and Russia want to move away from SWIFT because of that. Germany is the most dominant country in the EU so they hold a lot of power to influence.

You can thank Trump for countries moving away from US controlled SWIFT. If people believe alienating your allies is a good strategy so be it...

I bet Putin is somewhere right now rubbing his hands like Birdman. 

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