The Rostec Group has announced the development of a Russian blockchain framework. This is to build a digital payment system capable of replacing the worldwide SWIFT system.
Russian banks were out of the SWIFT system since February. This is due to sanctions that Western countries imposed in response to the Russian-Ukrainian conflict.
Moscow has been looking for an alternative financial payment system to SWIFT to protect its foreign trade dealings since then.
Russian blockchain framework for digital transactions
According to Rostec, the Novosibirsk Institute of Software Systems (NIPS), which links with Rostec Group, created the CELLS blockchain platform.
Thanks to the digital international payment system, Russia will be able to pay for imports in its national currency, the Ruble, rather than the dollar. According to Rostec, the new system will also allow other countries to pay for Russian products in their national currencies.
The platform should provide a unified system based on distributed ledger technology.
The company says its technology “could provide a real alternative to the international payment services provided by the SWIFT system”. This is from which Russian banks have been barred due to Western sanctions.
Secure transactions
The new worldwide payment system, according to Oleg Yevtushenko, CEO of the Rostec Group, would ensure “high speed and secure transactions,” with the capacity to complete 100,000 transactions per second.
Yevtushenko also stated that the new system’s payment capability in local national currencies would allow customers to avoid Western sanctions imposed on Russia.
>The Rostec group targets major firms with economic ties to Russia, as well as foreign government officials doing business with Moscow and financial institutions and banks.