<story><title>A quick breakdown of what SWIFT is and why it matters</title><url>https://twitter.com/sahilbloom/status/1496861068945154056</url></story><parent_chain><item><author>periheli0n</author><text>What would keep some entity that has its SWIFT access revoked from switching to China&amp;#x27;s CIPS or even crypto? Would it be merely an inconvenience, requiring the change of a few processes, or would it create hard problems?</text></item><item><author>sealthedeal</author><text>CEO and co-founder of Routefusion here, a cross-border bank to bank payment API.  We use the SWIFT network regularly.  I can 100% confirm that all money in the world is just literally numbers, and it is balanced by the different federal reserve systems around the world to ensure no one can &amp;quot;create&amp;quot; money without notifying everyone.&lt;p&gt;I guess if I was super cool I would do an AMA because this is the only thread that is really my time to shine hahaha.</text></item></parent_chain><comment><author>lxgr</author><text>When people say &amp;quot;revoking somebody&amp;#x27;s SWIFT access&amp;quot;, I think they really mean putting them on national or international sanction&amp;#x2F;embargo lists that prohibit them from doing any kind of business with them (in particular, sending payments in their name or for their benefit), rather than actually, technically removing their SWIFT network access.&lt;p&gt;Since SWIFT is not the only, but certainly the largest financial&amp;#x2F;interbank messaging network, I suppose the effects are similar, but &amp;quot;disabling SWIFT&amp;quot; to me always sounds like an implementation detail.</text></comment>
<story><title>A quick breakdown of what SWIFT is and why it matters</title><url>https://twitter.com/sahilbloom/status/1496861068945154056</url></story><parent_chain><item><author>periheli0n</author><text>What would keep some entity that has its SWIFT access revoked from switching to China&amp;#x27;s CIPS or even crypto? Would it be merely an inconvenience, requiring the change of a few processes, or would it create hard problems?</text></item><item><author>sealthedeal</author><text>CEO and co-founder of Routefusion here, a cross-border bank to bank payment API.  We use the SWIFT network regularly.  I can 100% confirm that all money in the world is just literally numbers, and it is balanced by the different federal reserve systems around the world to ensure no one can &amp;quot;create&amp;quot; money without notifying everyone.&lt;p&gt;I guess if I was super cool I would do an AMA because this is the only thread that is really my time to shine hahaha.</text></item></parent_chain><comment><author>anonporridge</author><text>Or Russia&amp;#x27;s new SWIFT alternative that they stood up after the west threatened SWIFT censorship after they annexed Crimea?&lt;p&gt;&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;en.wikipedia.org&amp;#x2F;wiki&amp;#x2F;SPFS&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;en.wikipedia.org&amp;#x2F;wiki&amp;#x2F;SPFS&lt;/a&gt;</text></comment>