Ripple CEO Highlights Reality of XRP, Crypto, and Blockchain’s Role in Evading Global Sanctions

[solodeji]

Brad Garlinghouse, the CEO of Ripple, has recently highlighted the reality of the role of XRP, crypto, and blockchain in evading global sanctions, such as the recent sanctions imposed on Russia by the West.

The West intends to prevent Russian banks from accessing the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the communications network that strengthens financial transactions across the world.

The round of sanctions recently imposed by the United States, European Union (EU), United Kingdom (UK), and Canada will eject Russia from SWIFT, which will, in turn, paralyze the assets of the central bank of Russia.

Brad Garlinghouse Discusses Crypto’s Role in Evading Global Sanctions

Due to the new development, Ruble-Bitcoin (RUB/BTC) volume hit a 9-month high, making many see crypto as Russians’ last resort.

This prompted Ripple CEO, Brad Garlinghouse, to discuss the reality of XRP, crypto, and blockchain’s role in evading global sanctions.

In a tweet on 28th February, Garlinghouse wrote, “To clear any confusion - RippleNet (while being able to do much more than just messaging a la SWIFT) abides by international law & OFAC sanctions. Period, full stop.”

https://timestabloid.com/ripple-ceo-highlights-reality-of-xrp-crypto-and-blockchains-role-in-evading-global-sanctions/

[Julian_Williams]

On this subject there was a very interesting tweet from Asheesh Birla that there is a lack of liquidity in crypto for the scale needed to circumvent SWIFT and Corresponding banks services that have been withdrawn through sanctions.  But this event will cause the non Western countries to look for alternatives

 

 

Edited March 1, 2022 by Julian_Williams

[Julian_Williams]

and here is a long discussion on this subject from @KarmaCoverage twitter feed

 

[Fambam4093]

https://www.foxbusiness.com/markets/cryptocurrency-prices-higher-as-world-governments-try-to-block-russia-from-using-crypto-to-bypass-sanctions

[Julian_Williams]

There is obviously going to be a speeding up of adoption of cross payment rails that avoid the Western controlled SWIFT messaging system.  Good news for ripple/XRP/R3/XDC/XLM and other platforms like Quant

 

Edited March 1, 2022 by Julian_Williams

[KarmaCoverage]

I went and had a meet with one of my Senator's staffers about Crypto today. He didnt have much to say. I just encouraged that we need laws, and to protect self-custody, & tried to explain why the UNL cryptography is preferable for "The West", while PoW/PoS are preferable for China/Russia.

I just saw another article about crypto already being discussed as a way around Sanctions. So the messaging cat is out of the bag.