The expert in economics Patrick Young is confident that ‘SWIFT is the analogue system, and it does not stand up to the modern digital age we live in‘.
On January 29, a meeting of UN Foreign Ministers took place, during which it was resolved to extend individual sanctions against Russian and Donbas rebels until September 2015. It was previously reported that EU officials were planning on considering disconnecting Russia from the SWIFT interbank system. The expert in economics Patrick Young believes that if that ever happens, in the medium to long-term SWIFT will be the one to lose.
The West claimed that it considered switching Russia off from the international payment system SWIFT. The economist Patrick Young is confident that SWIFT is being politically manipulated at the moment. The Americans want to try and turn Russia off and out of the banking system, however in the near future it will be nearly impossible.
‘In the medium to long-term though we have to understand something: SWIFT is the analogue system, and it does not stand up to the modern digital age we live in. SWIFT is one of the biggest problems of the global banking sector,’ noticed the expert in the interview to RT.
‘We’ve already heard about the possibility that Russia can create its own system, or that Russian and China may unite together. In the short-term being removed from SWIFT is political dynamite. But in the medium to long-term SWIFT will be the loser,’ Mr. Young believes.
According to him this ‘old medieval knotted ropes of the analogue transistor payment system’ will give way to the modern payment technology — whether it’s the bitcoin blockchain or something else that’s fully digital.