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pemo8

SWIFT/RIPPLE IRAN

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  • At Ripple, we understand that compliance and risk management are critical to your bank, which is why we build solutions that offer greater visibility into and control over cross-border settlement.
  • Ripple offers seamless integration with your bank’s existing systems and processes, such as anti-money laundering controls, fraud detection, sanction screening, and regulatory reporting. Ripple makes it efficient for your financial institution to meet compliance requirements while reaping the benefits of real-time settlement.
  • While financial institutions integrating Ripple remain responsible for employing their own compliance measures, Ripple offers a way for your bank to reduce operational and risk management costs.

 

Ripple also has sanction screening sorted :D

https://ripple.com/compliance/

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But what does it mean for Ripple if SWIFT are forced to withdraw service to Iran?

Surely Ripple, as a US company, couldn't just enter and open multiple XRP corridors?

But so much of Iran's oil trade would be affected if SWIFT blocks them out.

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1 minute ago, pemo8 said:

But what does it mean for Ripple if SWIFT are forced to withdraw service to Iran?

Surely Ripple, as a US company, couldn't just enter and open multiple XRP corridors?

But so much of Iran's oil trade would be affected if SWIFT blocks them out.

Sounds like a big opportunity for Bitcoin.

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XRP corridors don't matter to swift or us sanctions. 

What's controlled and throttled is the on off ramps of legacy financial institutions. Iran can move XRP all day long but they still need normal everyday banking accounts to spend their money in the real world. 

As soon as Iranian money enters a fiat rail it's exposed to attack and seizure. That's the whole point of Ripples regulation push is that nothing changes with KYC and AML. 

XRP is like the internet.... You can still have internet but restricted access once you leave your local network. Much like how China and Russia exclude American sites but still have internet. 

Edited by keybordem

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5 minutes ago, pemo8 said:

But what does it mean for Ripple if SWIFT are forced to withdraw service to Iran?

Surely Ripple, as a US company, couldn't just enter and open multiple XRP corridors?

But so much of Iran's oil trade would be affected if SWIFT blocks them out.

These sanctions only matter to the US and the USD. The EU, China and Russia prefer trading with Iran and honouring the denuclearisation deal. The US seems to be the only nation that is going back on its word and kicking the hornet's nest. This is great news as its further speeding the death of SWIFT and the USD as a base currency.

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Just now, GrayFox said:

These sanctions only matter to the US and the USD. The EU, China and Russia prefer trading with Iran and honouring the denuclearisation deal. The US seems to be the only nation that is going back on its word and kicking the hornet's nest. This is great news as its further speeding the death of SWIFT and the USD as a base currency.

US sanctions matter to the EU. The whole point of higher level sanctions is to both punish the sanctioned and anyone helping the sanctioned. 

Euro businesses risk losing licenses and ability to operate in the US and that also includes fines and seizure of assets. 

The US has nothing to lose "kicking the hornets nest" because we don't have any trade deals with Iran except for some aircraft maintenance parts. We don't have any true real dependence on Iranian energy to keep the lights on and risk massive public turmoil. Europe did this to themselves and should be more energy independent to avoid all this Iranian Russian egg shell crap. 

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15 minutes ago, keybordem said:

US sanctions matter to the EU. The whole point of higher level sanctions is to both punish the sanctioned and anyone helping the sanctioned. 

Euro businesses risk losing licenses and ability to operate in the US and that also includes fines and seizure of assets. 

The US has nothing to lose "kicking the hornets nest" because we don't have any trade deals with Iran except for some aircraft maintenance parts. We don't have any true real dependence on Iranian energy to keep the lights on and risk massive public turmoil. Europe did this to themselves and should be more energy independent to avoid all this Iranian Russian egg shell crap. 

Maybe US has nothing to lose with Iran, but EU and China, Russia might have. If nothing else then they look very weak if they would do what US is asking them to do, which is no business with Iran. They would actually look stupid and weak.

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1 minute ago, keybordem said:

US sanctions matter to the EU. The whole point of higher level sanctions is to both punish the sanctioned and anyone helping the sanctioned. 

Euro businesses risk losing licenses and ability to operate in the US and that also includes fines and seizure of assets. 

The US has nothing to lose "kicking the hornets nest" because we don't have any trade deals with Iran except for some aircraft maintenance parts. We don't have any true real dependence on Iranian energy to keep the lights on and risk massive public turmoil. Europe did this to themselves and should be more energy independent to avoid all this Iranian Russian egg shell crap. 

  1. US is risking alienating itself from the rest of the world and hurting its own markets. Cutting your nose to spite your face is not the ideal scenario. Even if they punish the rest of the world well then the rest of the world can punish them back. Its not as if China and Russia are sitting around doing nothing, they are all buying gold waiting for the impending apocalypse. 
  2. And what exactly is going to happen to the US businesses overseas? Apple has factories in China. Apple doesn't pay its fare share of taxes in the US because it keeps that money abroad in Europe.
  3. The US has everything to lose It imports far more than it exports and its economy is dependent on those trade deals.

Let's be fair, we all depend on each other in this globalised world and trying to kick the hornet's nest isn't exactly ideal as its causing the stock market fiasco we are seeing now. The uncertainty is going to trickle down to everyone. 

 

http://www.worldstopexports.com/americas-top-import-partners/

http://www.worldstopexports.com/united-states-top-10-imports/

 http://www.worldstopexports.com/united-states-top-10-exports/

 

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40 minutes ago, GrayFox said:

Europe did this to themselves and should be more energy independent to avoid all this Iranian Russian egg shell crap. 

We can’t create oil and gas out of thin air.

https://en.m.wikipedia.org/wiki/Iran–Iraq–Syria_pipeline That got s**t all over with ‘pressure’ from the U.S. doing Saudi’s bidding.

Oil Chess is just one giant cluster**** and too many lives are destroyed in the process.

Edit: The above quote is from keybordem and not GrayFox.

Edited by Flintstone
Quoted a quote

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These sudden "concern" threads re: sanctions are the slightly less depressing version of the "What if the grid goes down and/or global economy collapses - do we get rich?" posts.

That's all I see.  There's no "real concern" - and as lucky said (I'm paraphrasing):  "Oh, you're looking for a system to get around sanctions?  Why, that sounds like a job for Bitcoin!" :)

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