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 Russian banks as a result of financial restrictions imposed over Moscow’s decision to invade Ukraine.
“The pilot version of the decentralized interbank financial messaging system is ready for testing and can be used in banks,” the university said in a statement. The people behind the project, specializing in the field of distributed ledgers, have employed blockchain technologies to create the platform.
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