Russian Blockchain Alternative to SWIFT to Prevent Disconnection of Nations, ...
A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from the Competence Center of the National Technology Initiative at the St Petersburg State University in Russia announced they are preparing to trial a new interbank payment system, an alternative to SWIFT. The latter is now inaccessible for major....
Related News
Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks. Rostec Employs Distributed Ledger Technology to Substitute SWIFT Russian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and the storage of digital currency. CELLS is intended as an alternative to....
With a combination of external punitive measures and internal strife, Russian financial turmoil looks set to continue – and the mood about Bitcoin’s future role is definitively mixed. In a resolution adopted Thursday last week, the European Parliament called on member states to move to block Russian access to the SWIFT payment system. The legislation will now move forward to the European Commission, whereupon it will rest with individual states to act together if it is to come into force, Russian news agency RIA Novosti reported. SWIFT, or Society for Worldwide Interbank Financial....
Analysts from Venezuela have expressed their worries about the expulsion of a number of Russian banks from SWIFT, an international messaging system that allows the interconnection of banks. These measures could affect the finances not only of Venezuela, but also of other countries in the region, damaging their capability to move funds, which is highly dependent on services provided by Russian banks.
Russian Banks’ SWIFT Expulsion Could Affect Venezuela
The recent announcement of the expulsion of some Russian banks from the SWIFT payments system has raised concern about the....
Russia would likely welcome replacements for SWIFT as the nation's banks have been threatened with being removed from the network.
The worldwide development network for the United Nations is pursuing a series of blockchain-focused projects. Though its Alternative Financing Lab, an effort launched last year, the United Nations Development Programme is looking into applications in microfinance, remittances and connected vehicles, among others. That work was quietly detailed last month in a UNDP blog post, penned by members of the Alternative Financing Lab. The lab said it was partnering with developers in Serbia and Moldova, among other regions, on blockchain projects, and indicated that it planned to expand these....