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Russian Tech, Manufacturing Conglomerate Creates Blockchain-Based Replacement for SWIFT

Rostec, a Russian technology and manufacturing conglomerate, has announced that has completed the development of a blockchain-based system that will make it possible to process payments internationally and store digital currencies securely. This system is intended to provide a trusted alternative to the SWIFT system,  from which many Russian entities have been locked out of as a consequence of the sanctions imposed upon Russia by Western powers after the country invaded its neighbor Ukraine back in February.

The corporation, owned by the Russian state, wants to increase available options through which Russia and the banks operating within the country process payments internationally despite being disconnected from SWIFT. At the moment, the government has been asking its…

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