Russia’s Rostec Group is a government organization that includes a number of technology companies. They have announced they have developed a blockchain platform to launch a digital system for international payments capable of replacing the global Swift system.
Russian banks were excluded from the SWIFT system last February thanks to sanctions imposed by Western countries in response to the Russian-Ukrainian war. Since then, Moscow has been trying to search for an alternative financial payment system to SWIFT in order to protect its foreign trade transactions.
The digital system of international payments will allow Russia to pay for its imports in its national currency, the Ruble, instead of the dollar. According to the Rostec group, the new system will also enable foreign countries to pay for their imports from Russia in their national currencies as well.
Blockchain and cryptocurrency storage
Rostec’s statement said that the blockchain platform on which the international payments...
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