What If Russia Adopts CIPS?
"If the military aspects of the war are there for all to see, with an escalation that could lead to the end of Ukraine as we have known it, another war, the cyber war, is being fought with cyber attacks and counter-attacks. But there are also economic sanctions," explains Brunello Rosa, visiting professor of Cyber strategy and governance at the Department of Social and Political Sciences at Bocconi University, "such as the exclusion of some Russian banks from the Swift circuit. One implication of this could be that Russia adopts the alternative payments system CIPS, developed by China, which is still in the minority but growing steadily. If this is the case," Brunello Rosa continues, "we could really see the bifurcation of international payments with two competing systems."