Rostec employs distributed ledger technology to replace SWIFT

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.

CELLS is a product of the NIPS(Novosibirsk Institute of Program Systems). 

Its designers want to create a complete ecosystem of distributed ledger technology (DLT) -based software products

 and services that enable international payments, multicurrency transactions, user identification, and digital currency storage, and reporting details.

The system is expected to process 100,000 transactions per second with the option to increase its capacity in the future

Based on CELLS, the data storage system, the web application creation platform, the “digital passport” service, the “digital residential and community services” system, and other solutions are implemented, the creators promise.