A single crypto regulator to appear in the EU Hotels in Maldives and Thailand accept crypto payments PayPal added bitcoin support to its mobile app Corporations invested more than $6 billion in crypto industry in the last 10 months DeFi-platform Velodrome accuses crypto sleuth of stealing $350k S&P Global dropped Coinbase rating to a speculative level BitGo will seek $100 million for Galaxy Digital refusal to acquire crypto platform Brazilian crypto exchange blocked customer accounts and fired staff Celsius Network’s debts is more his assets for $2,8 billion

Russia announces SWIFT blockchain alternative

Russia announces SWIFT blockchain alternative

Rostec State Corporation unveiled a new development based on distributed ledger technology. The CELLS system will enable payments in international settlements and digital currency storage.

According to Rostec State Corporation, the Novosibirsk Institute of Software Systems development is designed to create an ecosystem of software products and services based on distributed ledger technology. The local currency payment system enables international payments, multi-currency transactions, user identification, and digital currency storage.

“The digital payment system on the blockchain platform can be used as a full-fledged SWIFT alternative, providing high speed, security, and irrevocability of transactions. The system will allow the transition to settlements in national currencies, eliminate the risk of sanctions and ensure the independence of national financial policies among clearing participants,” said Oleg Evtushenko, executive director of Rostec.

The system provides up to 100 thousand transactions per second, possibly increasing performance many times over. CELLS is used as a backbone for implementing a data storage system, a platform for creating web applications, a "digital passport" service, a "digital housing and public utilities" system, and other solutions.

Currently, the government is considering using digital currencies in foreign trade activities, given that the largest Russian companies and importers cannot pay for their transactions.

Subscribe to our Telegram channel for the most relevant, interesting, and informative news from the crypto industry.

Is there an error in the article?
To report