The sanctions imposed by the European Union against Russia, which focused primarily on the import of oil and gas, have left a clear mark on the currency markets. The euro has lost massive ground, not least due to this external, politically induced shock, and is losing its geopolitical significance in terms of swift volume, which has shrunk to around 12% of the total volume in recent years. Previously, around a third of global trade was conducted within the Swift system using euro-denominated currency. Incidentally, the US dollar has increased its participation in the swift volume from 46% to 59% since 2019.
42 sats \ 3 replies \ @anon 20 May
I wonder how the swift volume shifted over the years. Is this a case of USD being a bigger part of a "smaller (or "not growing at the same speed as other payment methods") pie" ? Are people/entities using btc or even shitcoins? Or pricing in gold and settling in local currencies? Other payment methods?
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42 sats \ 1 reply \ @anon 20 May
To add: or they're using systems competing with SWIFT so swift is now less relevant? I think I remember that the russians and chinese (and maybe iran) now have their own system, no?
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100 sats \ 0 replies \ @TomK OP 20 May
Yes, at least they are trying settling in Ruble/Yuan. Whoever wants to hold the digital Yuan shitcoin... I have no idea
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0 sats \ 0 replies \ @TomK OP 20 May
I think the pie is shrinking. Let's see what our gold bugs from China and Russia are planning
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42 sats \ 0 replies \ @Satosora 20 May
There was a trade with brics that didnt use any USD!
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