World Blog by humble servant. The elimination of cash and the and the underground. And no hiding of assets anywhere.

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 The development of digital currencies may challenge the SWIFT international banking payment system and could eventually make it redundant, the Central Bank of Russia (CBR) has said.

More than 30 financial regulators are currently working on their national digital currencies, according to First Deputy Governor of the CBR, Olga Skorobogatova. Given the pace of the development, several countries may launch the new form of currencies over the next 5-7 years, the official added.


“Then we can deal with direct integration issues. In this case SWIFT it may not be necessary, because it will be a different kind of technological interaction,” Skorobogatova said at an online meeting earlier this week. However, the global banking network may become one of the platforms for the new form of national currencies, she added.

Russia may launch pilot testing of its national digital currency in CrimeaThe Crimean Peninsula could be the first Russian region to use the digital ruble, which may help local businesses to bypass sanctions, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, has revealed.

Aksakov said he had already discussed the project with Crimean IT specialists, including its possible use for transactions with both domestic Russian firms and the external market. According to the official, this could become a way to overcome the restrictions Crimea is facing after it re-joined Russia in 2014. 

The pilot project could begin next year, he said, adding that the specialists agreed to conduct the experiment. 

HomeBusiness News

Sweden considers adopting e-krona amid rapid growth of cash-free transactions

SALAAM TO ALL. MY MISSION IS CLEAR

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