Russia Is Building A Blockchain Platform That May Replace SWIFT System

The Rostec Group is a government-owned corporation that owns a number of technology enterprises in Russia. They’ve revealed that they’ve built a blockchain platform to create a digital system for international payments that might eventually replace the global Swift system.

Due to sanctions imposed by Western countries in reaction to the Russian-Ukrainian conflict, Russian banks were kicked out of the SWIFT system in February. Since then, Moscow has been looking for a financial payment system to replace SWIFT in order to secure its international trade dealings.


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