Digital Currencies Could Outshine SWIFT System, Says Central Bank of Russia’s...
The first deputy governor of the Central Bank of Russia (CBR) has been vocal in a recent online meeting, reported by Russia Today (RT), about the topic of digital currencies challenging the SWIFT international payments system and make it redundant. Digital Currencies Could Challenge SWIFT System, Even Replace It According to Olga Skorobogatova, the development of digital coins makes international banking payment systems a topic of discussion, in the way that such traditional logic could become obsolete. She backed her comments on the fact that over 30 financial regulators “are....
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The Central Bank of Russia is testing a number of digital currency pilots toward the development of a national digital currency. Speaking at the 2017 St. Petersburg International Economic Forum today, deputy chairwoman of Russia’s central bank Olga Skorobogatova has, in a significant revelation, stated that the regulator is working on a national digital currency. According to a report by TASS, Russia’s largest news agency, Skorobogatova sees national cryptocurrencies as the future and claimed that it’s merely a matter of time before countries around the world adopt national digital....
Ripple’s partner Accenture, the technology and business consulting firm, has published a paper with SWIFT on the potential for central bank digital currencies (CBDC) payment solutions. Titled “Exploring central bank digital currencies: How they could work for international payments”, the paper claims there is surging interest for these types of assets. Accenture is a Fortune […]
Russia would likely welcome replacements for SWIFT as the nation's banks have been threatened with being removed from the network.
Russia’s Deputy Director of the Federal Financial Monitoring Service just revealed that discussions are underway between the Central Bank and the Ministry of Finance regarding a national cryptocurrency. Russia’s Own Crypto on its Way? Deputy Director of the Federal Monitoring Service, Pavel Livadny, says that Russian citizens will be able to purchase the....
While condemning the Russian president Vladimir Putin’s move to lay siege across Ukraine, the EU Commission committed to undertake a series of measures to isolate Russia from the international financial system. The European Commission announced to remove a number of Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system, aimed at hindering Russia’s capacity to carry out cross-border payments. In a joint statement released by the European Commission, leaders from France, Germany, Italy, the United Kingdom, Canada, and the United States....