Digital Currencies May Make SWIFT Redundant, Says Russian Central Bank: Report
Russia would likely welcome replacements for SWIFT as the nation's banks have been threatened with being removed from the network.
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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....
Recent sub-zero temperatures may have paralysed parts of Eastern Europe, but they haven't done much to slow down the Bank of Russia, the country's central bank. On Monday, the bank issued a statement on the use of digital currencies. It resembled similar warnings issued by regulators in Asia and Europe over the past few months, so the pattern is very familiar. The bank points out that these currencies aren't backed by a state entity, that they are speculative in nature and that trades are carried out on virtual exchanges are "high risk". The statement goes on to warn citizens and....
The Central Bank of Russia has released their view on cryptocurrencies like Bitcoin. We have earlier argued that Russia may outlaw the use of Bitcoin due to its strict monetary policy. It seems our presumption was correct as the press release from the Central Bank of Russia is hostile against the use of Bitcoin and other digital currencies. A Russian source has told us that the Central Bank's new stance on virtual currencies means that they have banned the use of it, affecting both their partners and customers. This will make it hard to operate both Bitcoin-exchanges and Bitcoin-businesses....
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 […]
Cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) will have to be declared or be considered a criminal act. The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies, according to a Tuesday announcement.Russia's government and central bank are now working on a draft law that will define crypto as an "analogue of currencies" rather than digital financial assets, set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or....