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There are many more analogs to hawala, not specific to SWIFT, as many banks and financial institutions have accounts at other major financial institutions in a
by vmception 5y ago
There are many more analogs to hawala, not specific to SWIFT, as many banks and financial institutions have accounts at other major financial institutions in a variety of countries, upon transfer by one of their clients, the sub-financial institution decreases their balance at the host institution by giving the host institution the money (or reducing a line of credit), and at the receiving host bank they simply increase the sub-institution's balance (or increase of a line of credit).
Final settlement honestly may never occur.
- Kinrany 5y agoCryptocurrency projects should be cloning these interbank exchange mechanisms, not making a single global ledger.
- vmception 5y agoThis is what many banks and “enterprise” think blockchain will do for them, yes. There are many solutions and some likely in play. There are some memes about that too. Convoluted arrows between a bunch of banks, next to one arrow between two peers.
- immibis 5y agoThat would be called Layer 2. I wonder when cryptocurrency will evolve a SWIFT.