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Russia Prepares For SWIFT Exit With Blockchain


Image by Davidstankiewicz

Russia’s corporate treasurers are working with the nation’s central bank on a blockchain initiative, reports in CoinDesk said Friday (June 15).

The Russian Association of Corporate Treasurers is joining the government-led Masterchain blockchain initiative, a platform developed by the central bank to facilitate communication within Russia’s banking market. Russia is reportedly looking to use the platform to replace SWIFT’s inter-bank communications network.

Russia Wants Crypto Common Practice Throughout Eurasia Economic Union, Providing Crypto Freedom

Russia’s FinTech Association and 14 of the nation’s largest banks collaborated on the development of Masterchain, reports noted, citing a white paper. The initiative eventually hopes to join banks and government agencies that collaborate on contract registration and regulation…

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