Russian Foreign Ministry signals possible alternative to SWIFT amid the rapid growth of blockchain and digital currencies

Russia could see an alternative to the international cross-border payments system SWIFT, driven by “the rapid development of digital currencies and blockchain.” Deputy Foreign Minister Alexander Panin, according to «РИА Новости».

“Obviously, the basis for international settlements can be formed on a completely new technological foundation,” he noted.

According to him, the development of alternative SWIFT systems is not only a reaction to the geopolitical reality but also a response to the need to modernise payment methods in light of the latest advances in the digital sphere.

In March, the president’s spokesman Dmitry Peskov did not rule out that Россию могут отключить от SWIFT.

Earlier, the Bank of Russia suggested that SWIFT could be challenged by central bank digital currencies.

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