Russia's Rostec Announces Blockchain-Based Alternative to SWIFT

Giant Industry of Russia 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

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.