Bitcoin (BTC), Putin, SWIFT and cyberattack

Bitcoin has many attributes, such as being a currency and a payment system. This property will be essential if, as the Financial Times predicts, the SWIFT network is paralyzed by cyberattacks.

Banks are preparing for Russian cyber-retaliation against the SWIFT network

This is the headline of a March 14 FT article. We can read the fears of several bankers in case of total disconnection from Russia.

In fact, seven Russian banks were recently disconnected. Sberbank and Gazprombank, which facilitate gas and oil payments, however, were saved. At the moment.

Several bankers contacted by FT fear that the SWIFT network will become the target of cyber attacks in the event of total disconnection from Russia. “because it is a nerve center of the global financial network”.

“SWIFT raises many concerns”worries another. “Banks seem comfortable with their own levels of cybersecurity, but an attack on SWIFT would be very detrimental to the entire banking system.”

The salmon pages make it even more elaborate “SWIFT plays a crucial role in the global banking industry, transferring the equivalent of trillions of dollars on behalf of 11,000 financial institutions every day.” “During a war, it’s the most effective place to attack: it’s the core of the global banking system, the knot that binds it all together.”

Even the American president talks about it openly. J. Biden warned on Monday of possible Russian cyberattacks, arguing that yes “Intelligence indicates that Russian government is exploring options for possible cyberattacks” :

“The biggest targets are the big banks, the pipes, the water treatment plants and the electricity networks.”

The FBI said on March 18 that Russia had scanned the networks of five US energy companies. “that could be the prelude to cyberattacks.” “At least 18 other US companies (defense and financial services) have also been subjected to this sweep.”

At the same time, the oracle of the World Economic Forum, Mr. Schwab, he had warned us … But a great reboot of what exactly?

From the international monetary system …

Our entire civilization is based on oil (and energy consumption in general), so the energy queen’s shortage of energy will necessarily translate into inflation. Fiat coins will fall as we move away from the peak of oil, which most likely happened in 2018.

Specifically, real GDP per capita (GDP-adjusted GDP) will decline permanently, and more rapidly as the energy supply dries up. However, the EU imports 94% of its naphtha, of which 27% comes from Russia (42% gas and 47% coal) …

After the peak, we will find nowhere else the oil that Russia could stop supplying us. In other words, we will have to pay more for this oil, which will complicate the payment of debts and force the ECB to print it.

Inflation seems terrible and the freezing of Russia’s foreign exchange reserves will not help. We are taking big steps towards a multi-currency inflationary world in which the best currency will naturally prevail.

Thus, Pavel Zavalny, the head of the energy committee of the lower house of the Russian Parliament, was allowed to say on Thursday, March 24 that he has nothing against bitcoin, on the contrary:

“We have lost all interest on the euro and the dollar as a means of payment. We will sell our natural resources in other currencies. First for gas, then other natural resources. Our resources will be sold in exchange for real coins. That is, gold or other currencies that suit us. For hostile countries, it will be the ruble. As for our friends like China or Turkey, we will use national currencies like ruble or yuan. The choice is very wide and quite normal. If they want to use bitcoin, it will be bitcoin. »

While waiting for petrozobitcoin, Vladimir Putin warned that Russia will only accept payments in rubles for gas deliveries to the European Union:

“I have decided to implement a set of measures to change the payment in rubles for our gas delivered to hostile countries and to give up the compromised currencies altogether.”

The aim of the maneuver is to increase the ruble exchange rate. It is an indirect way for Russia to recover its foreign exchange reserves by increasing the value of the ruble. An EU refusal would be tantamount to cutting off gas. It would be followed by a price explosion that would soon have plunged the old continent into recession.

The markets are not wrong. The price of oil is again above $ 120. Gas flew more than 30%. Suffice it to say that the NATO summit, which will take place on Thursday, March 24, promises to be stormy.

Especially because China is taking advantage of the situation to advance its pawns. It is rumored that the Middle Kingdom will soon buy black gold from the Saudis in its own currency. Knowing that Beijing buys more than 25% of the oil it exports to Saudi Arabia.

That’s about $ 100 billion a year that will leave the dollar system to join the yuan system. China also buys 45% of Russian oil exports, or $ 160 billion (at $ 120 a barrel) that will soon follow.

The abandonment of the dollar by the two major oil exporters is very bad news for international reserve currencies. The euro and the dollar are poised to rise in inflationary smoke if sanctions continue to plummet. Unless

Unless the idea is to ration the population

This is where we reconnect with cyberattacks. A persistent disruption of the SWIFT network could be the perfect opportunity for the ECB and the Fed to launch the famous CBDC (Central Bank Digital Currency).

An economic cataclysm caused by the escalation of the Ukrainian conflict will soon lead to bank failures. Then we could imagine that the stolen savers will receive CBDC for free.

This is just speculation, but keep in mind that the Bank for International Settlements (BIS) is working hard to create a CBDC international payment system with the same functions as the SWIFT network.

Bloomberg reports “Several central banks and the Bank for International Settlements have developed prototypes for a common CBDC platform for managing cross-border payments”.

Password: “Dunbar Project”. The name Dunbar is derived from Scottish Gaelic ” Dun Barra that means ” top fort And that could be translated as “impregnable fortress.”

However, it will never be as impregnable as the bitcoin cyber strength that seems to haunt the Bloomberg journalist. For her “The rapid growth of cryptocurrencies is a potential threat to existing monetary regimes and makes debates on international transfers more urgent.”. This is the idea …

In addition, Joe Biden recently signed an executive order urging the Fed to create a “digital dollar.” Christine Lagarde, President of the ECB, agrees with the IMF’s chief economist. The latter stated that “The war in Ukraine could disrupt the world economic order as we know it.” “Energy trade will change fundamentally, payment systems may fragment, some countries may rethink their currencies as reserves and accelerate the adoption of CBDC.”

Never spoil a good crisis as the other would say, especially if it is accompanied by cyberattacks that lead to currency creation. ” programmable the use of which may be subject to conditions. This is exactly what the Bloomberg article in this paragraph refers to:

“Globally, central banks are trying to adapt to new payment technologies being developed by technology companies such as China’s Ant Group.”

Ant Group is a company created by Jack Ma, the Chinese billionaire who had disappeared a few months after a harsh speech against the banks and the Communist Party. Here is what we wrote about this famous speech in early 2021:

“For Jack, ‘bank loans should be based on big data.’

In essence, the billionaire wants to trust the machine learning (Big Data Analysis) the responsibility to lend to this or that person, depending on the quality of their Internet search history, shopping, travel, meetings, online opinions, etc.

Then it is easy to imagine that only servile people, in tune with the ideology of the moment, will have the right to climb the ladder of the social hierarchy. It would be nothing more than digital totalitarianism and no one would be surprised if China moves forward …

We end by pointing out that the BIS reveals in this document that the use of financial monitoring tools (machine learning) has exploded since the beginning of the pandemic. 80% of central banks now use big data, compared to 30% in 2015.

This interest is obviously linked to the fact that more than a hundred central banks are working at the CBDC. Not to mention the governments that seek to democratize the digital identity that will merge with the CBDC:

“Fed Chairman Powell: A CBDC should verify the identity of its owner while safeguarding their privacy” (Good Oxymoron …)

This is the dark future that awaits us if we let the globalists of the BIS and the World Economic Forum impose on us the digital identity behind which will hide a giant vacuum of private data that will serve to ration us. Bitcoin is THE lifeline to escape this dystopia.

Receive a summary of news from the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the must-see Cointribune!

User image

Nicolas Teterel

Journalist reporting on the Bitcoin revolution. My articles deal with bitcoin through geopolitical, economic and libertarian prisms.

Leave a Comment

%d bloggers like this: