Russian Blockchain Alternative to SWIFT to Prevent Disconnection of Nations, Banks – Finance Bitcoin News
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St Petersburg State University in Russia is preparing to trial a new interbank payment system, an alternative to SWIFT. The system would not allow the disconnecting of countries and banks, developers say. The university says it is the second project to replace SWIFT in Russia after Rostec announced a similar platform in June. Russia is increasingly cut off from the global financial system, including its foreign currency reserves, as a result of sanctions imposed over Moscow’s decision to invade Ukraine. Russia also has its traditional equivalent, the System for Transfer of Financial Messages (SPFS), which was launched amid similar tensions after the annexation of Crimea in 2014. In response, Moscow has been trying to transition to payments in national currencies with its trade partners while considering the possibility of using cryptocurrencies for international settlements Source