Venezuela is preparing to rejoin the international SWIFT payments system following the issuance of licenses 56 and 57 by the U.S. Treasury Department’s Office of Foreign Assets Control, according to economist Elio Córdova.

As is well known, the SWIFT system (Society for Worldwide Interbank Financial Telecommunication) “is a secure global messaging network that allows more than 11,000 banks in over 200 countries to exchange transfer orders, facilitating the secure and standardized movement of capital between countries.”

With this system, international transfers are made to reach their correct destination safely and quickly. According to Córdova, licenses 56 and 57, announced on April 14, “have a positive impact on Venezuela’s economic performance, especially due to the eventual re-entry into the SWIFT system, given that Venezuela is an active member of that entity and these resources will improve economic growth.”

Once the Central Bank of Venezuela can rejoin the international financial system, it will be able to access “external loans, financing, and aid, primarily from organizations such as the International Monetary Fund.” Furthermore, the country will have easier access to “replace parts and components from the rest of the world through imports, including raw materials, capital goods, and technology, so that economic agents can quickly acquire these necessary elements for production in Venezuela without intermediaries.”

M.Pino

Source: ultimasnoticias

(Reference image source: RU Recovery Ministries on Unsplash)

Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram

La entrada Venezuela could soon rejoin the SWIFT financial system apareció primero en Bitfinance.

The Central Bank of Venezuela is in the process of integrating into the Mir payment system, developed by Russia and widely used in several countries around the world, the Central Bank of the Latin American country announced in a statement.

The president of the BCV, Calixto Ortega, provided details on the technological advances and the necessary steps to establish the connection with the interbank messaging of the Central Bank of Russia.

The President of the Republic, Nicolás Maduro, highlighted the importance of this integration by stating that it will facilitate fluid communication to expedite import and export transactions in bolivars and rubles.

This connection will allow efficient communication between Venezuelan and Russian banks, facilitating financial transactions between the two countries.

As part of this process, work is underway to upgrade payment terminals in Venezuela and make them compatible with cards issued by Russian banks within the Mir system.

So far, about 40,000 payment terminals have been upgraded, and about 30 % of these devices are expected to be able to accept cards issued in rubles by Russian banks.

In the words of Venezuelan President Nicolás Maduro, “the country has been subjected to brutal, unfair and criminal sanctions that seek to isolate it monetarily and financially from the rest of the world.”

The progress towards the connection with the Mir system represents a step forward in the construction of new payment and financial systems, which will allow Venezuela to overcome these imposed limitations, according to the president.

The Russian Mir payment system was created in 2014 in response to economic sanctions imposed on Russia after the incorporation of the Crimean peninsula. Since then, it has been used by Russia and other countries to strengthen their financial infrastructure and reduce their reliance on traditional systems like SWIFT.

K. Tovar

Source: Diariobitcoin

(Reference image source: CardMapr.nl, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Venezuela seeks to integrate into Russia’s Mir payment system apareció primero en Bitfinance.

The Venezuelan Foreign Minister, Yván Gil, reported on Tuesday that they are working together with the Russian central bank to create an alternative financial system for international payments.

According to Gil, the objective is to find an alternative to the global Swift system, which works with the dollar as the currency for transactions, and which has expelled Russian banks since the start of the war with Ukraine more than a year ago.

In a press conference in Caracas, the capital of the South American country, together with his Russian counterpart Sergei Lavrov, the Venezuelan foreign minister indicated: “The technical teams of the Central Bank of Venezuela and the Bank of Russia (…) are working (in) the exchange of financial messages to go to a system where we free ourselves from the hegemonic dollar as a regulator of commercial transactions.”

The Swift system (Society for Worldwide Interbank Financial Telecommunication) is used by 11,000 banks in 200 countries to execute transfers. In 2022 this system excluded Russian banks in response to the position of the United States and Europe to the war with Ukraine.

Gil also indicated that they are advancing in the launch of the payment mechanism with the MIR card, to allow Russian tourists “to consume in Venezuela under a direct system without going through the large transnationals.”

M.Pino

Source: Swissinfo

(Reference image source: file)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Venezuela and Russia analyze creating an alternative financial system Swift apareció primero en Bitfinance.

Visa is investing in the global settlement of digital assets and fiat currencies, with the goal of allowing its clients to convert digital assets into fiat currencies on its platform.

The head of the company’s cryptocurrency division, Cuy Sheffield, noted that liquidation is one of the areas in which the company wants to build muscle memory.

Sheffield explained that Visa is experimenting with accepting stablecoin settlement payments and has been exploring how to incorporate blockchain technology into its existing network to move money faster.

However, settlements are currently carried out at SWIFT, a not-for-profit cooperative society that facilitates the secure and standardized communication of transactions between its members. Sheffield claimed that the limitation of this network has led Visa to experiment with accepting settlement payments with stablecoins.

At Visa’s annual shareholder meeting, former CEO Al Kelly shared the company’s plans for central bank digital currencies (CBDCs) and private stablecoins.

Sheffield also confirmed the company’s vision on blockchain technology and digital assets, stating that the company is considering how to participate in rebuilding known banking lanes into blockchain lanes, using stablecoins.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Visa targets stablecoin liquidations apareció primero en Bitfinance.

Taro is the new update of the Lightning Network, designed by CTO Olaoluwa Osuntokun, which allows all its participants to issue and transfer assets on the Bitcoin blockchain, including stablecoins globally, at a very low cost and Almost instantaneous Lightning way, without exposure to bitcoin volatility.

As you may recall, the Lightning Network is an autonomous network that facilitates faster transactions than the traditional bitcoin network. Such “transactions occur outside the main bitcoin blockchain, which reduces the energy and time spent processing transactions, then they are recorded on the main bitcoin blockchain,” meaning customers can send and receive BTC on the go anywhere in the world with minimal fees.”

Elizabeth Stark, the CEO of Lightning Labs, explained that Taro aims to offer developers “the flexibility to move stablecoins from the Bitcoin network to the Lightning Network while maintaining the privacy and security of the Bitcoin network.”

Taro will compete with commercial banking

The new Taro protocol is based on an address format called bech32. The security mechanism “is based on embedded consensus.” All financial movements are confirmed on the bitcoin blockchain before being transferred to the Taro network.

The protocol supports different and multiple types of assets, making it easy for users to perform cross-chain atomic swaps, ruling out the need for centralized exchanges. And all major wallets will be supported.

With this new automation, Taro turns bitcoin and the Lightning Network into competitors of SWIFT and commercial banking, estimating that emerging markets will be favored since access to the global economy and financial tools are limited for this sector.

M. Rodríguez

Source: es.beincrypto.com

La entrada Lightning Network will allow the issuance and transfer of cryptocurrencies apareció primero en Bitfinance.

Russia and India finalized the creation of an international payment system in rupees and rubles in order to provide service to bilateral trade with a platform similar to the Society for Worldwide Interbank Financial Telecommunications, SWIFT, which is not available to Russia as a consequence of the sanctions.

According to specialized sources, “India offered a series of transaction platforms of this type, of which the Russian authorities have accepted a specific network protocol” that will allow smooth transfers of import or export documents for operations in rupees. and rubles.

The new platform will be installed at the headquarters of the Reserve Bank of India (RBI) and the Russian state bank (VEB) and its implementation is expected to be finalized during the next week. In order to guarantee the proper functioning of both financial institutions they are working on a regulatory framework to carry out mutual transactions.

The system provides for transactions to be “settled through the rupiah debt account, which VEB will hold at the RBI. If a Russian importing company receives a shipment from an Indian exporter, VEB (assuming it is the importer’s bank) will receive from the local importer the rubles or dollars equivalent to the value of the business. It will then inform the RBI to debit the same amount of rupees from the rupees debt account and credit it to the Indian bank of the exporter.”

Expanding the market and business relationships

The sanctions imposed on Russia can benefit India’s economy by allowing it to expand the amount of exports and expand in the Russian market. During 2021 this country exported some 3,300 million dollars in pharmaceutical products, tea and coffee.

While India acquired from the Russians some 6.9 billion dollars in weapons, mineral resources, fertilizers, metals, diamonds and other precious stones, as well as oil. Some Indian media outlets recently noted “that the country’s leading refiner, Indian Oil, has increased purchases of Russian crude over the past month.”

India has been on the Russian market for a long time and participates in the state Farma program, which is dedicated to the development of the pharmaceutical and medical industry in Russia. The Russian ambassador in New Delhi, Denis Alipov, stressed that pharmaceutical companies can replace Western manufacturers that have left the market as a result of sanctions. “There are joint ventures for drug manufacturing in Russia and I think there will be more opportunities in this niche,” the ambassador noted.

M. Rodríguez

Source: actualidad.rt.com

La entrada Russia and India create payment systems similar to SWIFT apareció primero en Bitfinance.

After Russia’s invasion of Ukraine, world leaders have decided to opt for different types of sanctions, among which the disconnection of the country chaired by Vladimir Putin from the Swift payment platform was considered at the time.

Not all the member countries of the European Union agreed to apply this measure, at least not as a coup arsenal and rather as a “reserve” in case a new package of sanctions is needed.

It is important to remember that the Society for Global Interbank and Financial Communications (Swift) is a payment system created in 1973 by 293 banks from 15 countries, with the aim of facilitating transactions between financial entities from different nations.

This platform is controlled and maintained by the banks and securities firms that use it, its headquarters are located in Brussels and supervision is in charge of the central banks of the G-10 (Germany, Belgium, Canada, France, Italy, Japan , the Netherlands, the United Kingdom, the United States, Sweden and Switzerland) and the European Central Bank (ECB)

During 2021, this platform presented a growth of 11.2%, which represents in numbers some 42 million payment and securities transactions per day. On November 30, 2021, it set a historical record by having 50.2 million operations in a single day.

Currently, according to Swift’s website in Ukraine, all international transfers are blocked in the country due to the Russian attacks this week.

K. Tovar

Source: Elperiodico

La entrada Swift, the system from which Russia could be left out apareció primero en Bitfinance.