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Russia wants to create a blockchain-based SWIFT alternative

Russia wants to create a blockchain-based SWIFT alternative

St. Petersburg State University intends to develop a decentralized substitute for the international interbank system.

As reported on the university website, each participating country will store part of the software code and database, being a co-owner of the system, thus completely eliminating the risk of unlawful disconnection of any bank from the exchange of financial messages. 

“The solution will give all participants of the global banking system a new tool, which will make it possible to exchange financial messages safely. At the same time, banks will no longer face any negative consequences, and states will be able to pursue more independent policies,” said Dmitry Shishmakov, Director of the Center for Distributed Registry Technologies at St. Petersburg State University.

Recall that on March 12, the SWIFT company cut off Russian banks from the global system for exchanging financial messages due to the Russian invasion of Ukraine. Consequently, many U.S. officials said that Russia could use cryptocurrency to circumvent sanctions. However, some analysts believe that it is almost impossible

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