THE CROSS-BORDER INTERBANK PAYMENTS SYSTEM (CIPS) AND ITS IMPACTS ON THE INTERNATIONAL
FINANCIAL SYSTEM
Keywords: dollar; sanctions, SWIFT; Russia; China; USA.
The International Financial System in recent years has had several tools for transactions and/or financial compensation, all carried out at the same time. This is due to the development of new payment systems, a fundamental tool for the smooth operation of the international economy. However, along with a more integrated global economy, conflicts arise led by the hierarchy of modern capitalism, hegemony always seeks to maintain this integration and ease in its favor. This work seeks to understand the impacts generated by the United States in some countries through the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The present study shows how countries are developing new alternatives to reduce their dependence on the dollar, therefore, on the United States. The focus will be on Russia and China, countries that have recently developed their own payment system and carry out transactions in their own currencies.
The International Financial System in recent years has had several tools for transactions and/or financial compensation, all carried out at the same time. This is due to the development of new payment systems, a fundamental tool for the smooth operation of the international economy. However, along with a more integrated global economy, conflicts arise led by the hierarchy of modern capitalism, hegemony always seeks to maintain this integration and ease in its favor. This work seeks to understand the impacts generated by the United States in some countries through the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The present study shows how countries are developing new alternatives to reduce their dependence on the dollar, therefore, on the United States. The focus will be on Russia and China, countries that have recently developed their own payment system and carry out transactions in their own currencies.
Keywords: dollar; sanctions, SWIFT; Russia; China; USA.