Based on the title I really thought this would about the SWIFT (messaging system) and interoperability (Interledger protocol). I really need to stop reading crypto articles. Its taking over my tech side.
SWIFT as in the Fintech/banking thing? It's amazing how fast my memory of things goes after I switch jobs, I had to ask ChatGPT to refresh my memory.
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SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is a global messaging network used by banks and financial institutions to securely and efficiently exchange information, particularly for international money transfers and transactions. SWIFT codes are used to identify banks and facilitate the transfer of funds between them. It plays a crucial role in international banking and financial communication.
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I didn't know SWIFT was involved at all in crypto stuff, at least not directly. I guess finance is the world's most interconnected network, however, so I shouldn't be too surprised.
Many people outside of the finance industry first learned about SWIFT when it was in the news that Russian banks had been excluded from the network as a consequence of their country’s violations of international law and attempt to conquer Ukraine.
SWIFT’s relevance to cryptocurrency is most likely the cryptocurrency community’s aspirations of creating an alternate method for transferring wealth that is not limited by international borders or implicitly required to respect international sanctions. Legally, citizens in countries respecting the international law can still be liable for violating sanctions regardless of the method they use to transfer assets, so I don’t completely understand the how cryptocurrency is a superior way to launder money when the transactions occur on a public block chain.
