Digital currencies could get a boost from the international crisis: Blackrock CEO
Larry Fink, the CEO of the world’s largest asset manager BlackRock, believes the ongoing Russia - Ukraine crisis has boosted the case for digital currencies as a tool of settlement for international transactions.
In a shareholders letter, Fink noted that the ongoing war would force nations to reassess their currency dependencies which could eventually make way for a global digital payment network, reported Reuters He said the war has put an end to the globalization forces at work over the past 30 years.
Fink’s observation about the boost in the digital currency market is quite spot on, as trade sanctions on Russia have already led many countries that import oil and gas from them to look for alternate payment networks beyond centralized SWIFT. India is reportedly developing a direct INR payment gateway to buy energy supplies while discussion about a digital payment network is also on the rise.
According to rumors, Ripple partner The Clearing House is in talks with Wells Fargo to develop a SWIFT alternative.
Huge #XRP News!Earlier I posted a video about a guy who revealed that Wells Fargo has been training on a #SWIFT replacement.Now, I got a online service agreement updatefrom WF, talking about Real Time Payments by Clearing House, a #Ripple partner! Strap in! 1/2 pic.twitter.com/PuYcrs5vnS
Russian local Bitcoin trading volume has also registered a spike in March after seeing a constant decline over the past year. That said, prior to the Ukraine invasion, the country was looking to regulate the cryptocurrency market positively.
Related: Crypto trading in rubles falls even as ECB warns again on sanctions
Ukraine on the other hand legalized cryptocurrencies on 16th March 2022 after receiving millions in crypto aid from around the
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