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 the global payment messaging system SWIFT, from which a number of Russian banking institutions have been disconnected as part of western sanctions.
Russia has been increasingly cut off from global finances, foreign currency reserves, and traditional payment channels as a result of its invasion of Ukraine. The government in Moscow has been trying to transition to payments in national currencies...
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