Russia’s New Blockchain System
All Russian banks were barred from the SWIFT payment network in February when the EU and US imposed sanctions on the nation for starting a war and invading Ukraine. Rostec, a company that includes several technology companies, is currently working on alternatives to SWIFT to protect its foreign trade transactions.
The blockchain platform on which Russia has developed the international payment system is called CELLS and was created by the Novosibirsk Institute of Software Systems (NIPS), a subsidiary of the Rostec Group.
The platform will allow people to initiate transactions in the national currencies of the countries associated with it and “could provide a real alternative to the international payment services provided by the SWIFT system”.
CELLS will also allow users to create digital wallets to store cryptocurrencies, according to Rostec Group. statement.
Russia Stands With Crypto
It seems that Russia is now supporting cryptocurrencies and the blockchain industry. Notably, at one point, the Central Bank of Russia (CBR) asked the government to completely ban these blockchain-based tokens. However, as Kripteu Magazine reported in a previous report, a senior CBR official recently revealed that the bank is willing to allow the use of crypto for cross-border payments.