Russia develops blockchain system to replace SWIFT
Russia’s Rostec Group, a government organization that includes a number of technology companies, announced that they have developed a blockchain platform to launch a digital system for international payments capable of replacing the global SWIFT system.
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.