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Ukraine crisis has revealed global need for digital currency

 


The CEO of the American multinational investment management company BlackRock, Larry Fink, has stated that the economic and financial impact of the Ukraine-Russia crisis is a strong argument for digital currencies to act as a tool for settling international transactions in the future.


The ongoing Russian invasion of Ukraine has prompted a series of economic sanctions by the US and other Western countries against the Russian economy.


Reuters reported that the executive addressed shareholders in a letter explaining that the war could force countries to reassess their reliance on other currencies and economies, which would eventually make way for a global digital payments network.


The crisis has shattered the will of countries to continue working with the forces of globalization that have been at work for over three decades, Fink added.


Fink's observation of the digital currency market is not unique. Russia is urging countries buying oil and gas from the country to switch to a SWIFT alternative, while India is developing a gateway for direct INR payments. It also meant an increased focus on a global digital currency payment network. There is also talk of The Clearing House working with Wells Fargo to develop a SWIFT alternative.


Blackrock is investigating cryptocurrencies and stablecoins due to increased customer interest. The CEO explained:


"A well-designed global digital payment system can improve the processing of international transactions while reducing the risk of money laundering and corruption."


The stance of the wealth manager's CEO marks a notable departure from his comments last year when he suggested that it's too early to predict whether cryptocurrencies will be just a speculative trading vehicle.


Fink went on to state that access to the global capital market is a "privilege, not a right". BlackRock reduced its total client exposure in Russia to less than $1 billion earlier this month from $18 billion before the crisis worsened.

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