SWIFT battling Russia, China’s crypto use to dodge sanctions
The Society for Worldwide Interbank Financial Telecommunications (SWIFT), the Western-led global financial transfer system, has implemented various control measures for banks to identify those who use cryptocurrencies to assist Russia and China bypass Western sanctions, including those imposed over the Ukraine war, according to a SWIFT executive.
“There is a number of different controls that are built into the system, and things that financial institutions and banks can use to manage and permit the traffic that happens over the SWIFT network,” SWIFT’s Chief Innovation Officer Tom Zschach told Asia Times in the Q&A session at a London cryptocurrency event on May 6.
“It’s a pretty mature infrastructure that we have in…
