Society for Worldwide Interbank Financial Telecommunication (SWIFT) – DIGIT INFO

Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters

DIGIT — Wed, 12 Apr 2023 17:49:59 +0000

The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s overall volumes. Temporary Reduction in Sale of Foreign Exchange The Russian central […]

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EU Seeks to Curb Reliance on US Dollar After American Sanctions Exposed Financial Infrastructure Vulnerabilities

DIGIT — Tue, 19 Jan 2021 00:30:53 +0000

The European Union (EU) is reportedly planning to reduce its reliance on the U.S. dollar-based financial system, after American sanctions on Iran exposed the vulnerabilities of the bloc’s financial infrastructure. According to officials, who are now determined to challenge the dollar’s supremacy, the renewed desire to boost the role of the euro currency is also […]

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Unbanked Hong Kong Chief Carrie Lam: “I Have Piles of Cash at Home”

DIGIT — Fri, 04 Dec 2020 17:04:47 +0000

Hong Kong Chief Executive Carrie Lam says she is currently unbanked and keeps piles of cash stashed at her home courtesy of US sanctions. Alongside 14 Chinese and Hong Kong officials, Lam has been slapped with punitive measures that effectively cut her off from the banking system. The US government announced the sanctions in response […]

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FSB Report Says Stablecoins Promote Financial Inclusion: Urges Regulators to Tighten Laundering Controls

DIGIT — Sun, 18 Oct 2020 14:05:41 +0000

The Financial Stability Board (FSB) says stablecoins have the potential to enhance the efficiency of the provision of financial services. The body adds that the hybrid cryptocurrencies have the potential to bring efficiencies to payments (including cross-border payments) as well as to promote financial inclusion. Yet despite this acknowledgment, the FSB still argues against the […]

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SWIFT Says Criminals Prefer Cash for Money Laundering, Not Cryptocurrency

DIGIT — Thu, 10 Sep 2020 03:45:04 +0000

A new report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) says cryptocurrency is seldom used for money laundering activities compared to fiat or other traditional methods. Despite the perception that crypto assets are a preferred haven for illegally acquired funds, criminals prefer to launder proceeds through mules, front companies, or cash businesses as […]

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