The war that started in February between, Russia and Ukraine have had staggering implications on both the countries. Both the countries lost precious human lives, natural habitat and infrastructural facilities. Amidst such a war, the whole world got divided in to parts supporting either of the above countries. Most of the western countries went in support of Ukraine, as they started banning Russia on all fronts.
The western countries went ahead to announce bans on Russian banks from Swift system in response to the war. Since then, Moscow has been looking for a financial payment system to replace SWIFT in order to secure its international trade dealings.
Russia’s blockchain tech to replace Swift System.
Picture Credits: DataDrivenInvestor
As soon as, the western countries banned Swift system for Russia, the country started looking for alternatives to support international payments. The digital system that the Russia is planning to launch will allow Russia to pay for its imports in its national currency, the Ruble, instead of the dollar.
Russia’s Rostec Group, which includes a lot of tech companies is also a government organization that went ahead to announce the blockchain technology to launch a digital system for international payments capable of replacing the global Swift System. According to Rostec, the new digital system will also allow the foreign countries to pay in their national currency for the imports they make from Russia.
Introduction of CELLS to replace the Swift System.
The CELLS blockchain platform, on which the worldwide payments system was built, was developed by the Novosibirsk Institute of Software Systems (NIPS), which is linked with the Rostec Group, according to a statement released by Rostec. The platform is designed in a way which will be able to provide an integrated system on distributed ledger technology. According to the reports, CELLS will also provide the investors an opportunity to create wallets to store digital currencies.
Secure Transactions are a must!
Oleg Yevtushenko, CEO of Rostec claimed that security of the transaction is the top most priority of the newly developed digital system. He also added that, the digital system will be able to perform 100,000 transactions per second, with the possibility of doubling this number.
Russia’s position on cryptocurrency has shifted.
Earlier, Russian government was not too keen on enabling cryptocurrency transactions in the nation. The Russian Central Bank had also proposed to ban the use of cryptocurrencies in the country. But there is a shift observed among the government of Russia in the recent times. Even when there is a shift happening in Russia in regards to cryptocurrencies, the status of the assets remains to be in flux, as the previous efforts to legalize them have not yielded them expected results.
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