Rostec Announces Blockchain-Based Alternative to SWIFT

Rostec Announces Blockchain-Based Alternative: Russian state-owned corporation Rostec has built....

a platform using blockchain technologies to facilitate international settlements between Russia and its partners and digital currency storage.  

CELLS is intended as an alternative to the global payment messaging system SWIFT, resulting in the disconnection of several Russian banking institutions as part of Western sanctions. 

As a result of the invasion of Ukraine, Russia has been cut off from global finance, foreign currency reserves, and traditional payment channels.

The government in Moscow is seeking to convert payments into national currencies such as the ruble and the yuan in its business dealings 

and is also considering the possibility of using cryptocurrencies for international settlements.

That said, Russia’s biggest companies and importers are having difficulties with their US dollar payments.

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