Unrestricted cross-border payment system introduced by Russia

Gesara.news » » Unrestricted cross-border payment system introduced by Russia

Share via:

Date: April 26, 2023

According to Russian Finance Minister Anton Siluanov, Russia is introducing a new payment system that is "bound by no restrictions" and will allow the use of digital currencies for international transfers.
In the past, the Bank of Russia predicted that in five to seven years, the entire system of cross-border payments will undergo a transition and be based on national digital currencies.

Russia is promoting its SWIFT-like system

Russia's SWIFT alternative is expanding quickly according to the country's central bank governor, Elvira Nabiullina statement:
"Russia has a System for Transmitting Financial Messages (SPFS), which is an alternative to SWIFT.
Similar infrastructure exists in some other countries.
We are holding discussions on the interaction of such platforms, but here the interest and technical readiness of our partners are important.
159 foreign participants from 20 countries have already joined the Russian system." SPFS - Sistema peredachi finansovykh soobscheniy;
SWIFT - The Society for Worldwide Interbank Financial Telecommunication (Headquarters: La Hulpe, Belgium);
SPFS and SWIFT are global financial messaging systems.
Financial messaging involves using messaging channels to exchange crucial financial information, from account updates to fraud alerts.
The Chinese alternative is named: The Cross-Border Interbank Payment System (CIPS).

Trump announces GESARA-related initiatives at Davos

Trump remotely addressed the World Economic Forum in Davos, pledging to reverse inflation and cut taxes.
Trump also stated: I want to obliterate US debt, and it will happen rapidly.
Trump: The world will be more peaceful.
President and CEO of the World Economic Forum, posed a question about China:
We know that you called President Xi Jinping last Friday...
President Trump: He called me, but I see it very good. I think that we are going to have a very good relationship. All we want it fairness. We just want a level playing field.

FED will adopt ISO 20022 message format

Federal Reserve Board announces the Reserve Banks will adopt a new message format for the Fedwire Funds Service and invites public comment on proposal to expedite adoption.
The Federal Reserve Board on Monday announced that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service.
The change will allow for enhanced efficiency of both domestic and cross-border payments, and a richer set of payment data that may help banks and other entities comply with sanctions and anti-money laundering requirements.
Sources: www.federalreserve.gov

WH fires 9 Defense Business Board members, installs loyalists

Martial law incoming? The White House purge of Pentagon continues.
The White House removed nine members of the Pentagon Defense Business Board on Friday and installed people loyal to President Donald Trump in their place, including presidential allies Corey Lewandowski and David Bossie.
Sources: www.politico.com, www.resignation.info

Trump's Fed Nominee Advocates a Gold-Backed Currency, Even a Crypto One

Judy Shelton, President Trump's nominee for the Federal Reserve board of governors, has advocated for getting back to a gold standard, possibly "in a very cryptocurrency way." In an interview, Judy Shelton told reporters:
"I don't see it so much as returning [to the gold standard], more like 'back to the future.' I think that what a gold standard stands for is monetary discipline for its own sake. Money is supposed to be a unit of account, a reliable measure and a dependable store of value. It really shouldn't be subject to who's the chairman of the Federal Reserve."
Source:cointelegraph.com