The CEO of BlackRock believes that the ongoing crisis in Ukraine will benefit the argument for digital currencies as inflation continues to rise.
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 letter to shareholders, Fink noted that the ongoing war would force nations to reassess their currency dependencies, which eventually could make way for a global digital payment network,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 there 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.
"A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption," Fink said. According to rumors, Ripple partner The Clearing House is in talks with Wells Fargo to develop a SWIFT alternative.Earlier I posted a video about a guy who revealed that Wells Fargo has been training on aNow, I got a online service agreement updatefrom WF, talking about Real Time Payments by Clearing House, a
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