The Russian central bank uses regional chain technology to improve domestic SWIFT services

nnnRussia’s local media reported that the Russian central bank to consider its SWIFT-like inter-bank communication system in the deployment of block-chain technology. At the beginning of the system was the boycott of the European Parliament, and even to discuss whether the sanctions. However, the current experts believe that even if the deployment of block-chain technology, the system can not replace SWIFT, because the system changes require a lot of costs, SWIFT in Russia has not been any threat.n
nnTranslation: Annie_Xun
nRussian media agency Izvestiya quoted the central bank’s public affairs office reported that the Russian central bank (Central Bank of Russia) plans to simulate the SWIFT financial communications system using distributed book technology.n
nThe central bank press office said, “the Russian central bank to consider the use of distributed books to develop its financial communications system.” The press office explained that the Russian central bank used the SWIFT simulation system in two ways: one, as a backup channel for financial information exchange, and second, as a special economic demand for SWIFT alternatives.n
nAt present, 326 banks connected to Russia’s SWIFT system, accounting for only 46% of all Russian financial institutions. Experts believe that the central bank hopes that through the block chain technology to promote more domestic financial institutions to use its services last year, Russia’s SWIFT participating institutions did not grow.n
nIzvestiya quotes sources familiar with the central bank’s plan, and the central bank is considering using the APF block chain or similar program.n
nExperts believe that the deployment of the chain chain can not let the Russian banks to give up SWIFT, select a similar system in Russia, because the current SWIFT in Russia is not threatened, and the transition to the new system will bring huge costs. However, they acknowledged that the SWIFT simulation system could provide a good solution for local and regional banks that did not participate in international transactions.n
nRussia’s financial communications services were created in 2014 as a backup channel for inter-bank communications. The European Parliament in 2014 also discussed the removal of Russia from SWIFT.n

Leave a Reply

Your email address will not be published. Required fields are marked *