The Foreign Ministry admitted the possibility of creating a Russian alternative to SWIFT, taking into account the development of digital currencies

Russia can create its own alternative to the international payment system SWIFT using the latest technological advances. RIA Novosti writes about this with reference to Deputy Foreign Minister Alexander Pankin.

“Taking into account the rapid development of digital currencies and blockchain, it is obvious that the basis for international settlements can be formed on a completely new technological basis,” he said in an interview with the publication.

The deputy foreign minister also noted that such a system would be more advanced and would not claim a monopoly. This, he said, is not only a reaction to the current situation in geopolitics, “but also a response to the need to modernize payment methods, taking into account modern advanced achievements in the digital sphere.”

SWIFT, or Society for Worldwide Interbank Financial Telecommunications, is used by banks to exchange payment information around the world. More than 11,000 organizations are members of the system.

SWIFT itself is also interested in blockchain capabilities. In 2019, the organization disclosed the details of a project on using distributed ledger technology to process and track payments, as well as authenticate payers.

Leave a comment