Digital Currency Statement from the Central Bank of Russia

Digital Currency Statement from the Central Bank of Russia A digital currency statement came from the Central Bank of Russia. It was stated that digital currencies may challenge the current system and one day make SWIFT global banking payment system unnecessary.   Upcoming Years Are Quite Important According to the news compiled by Russia Today's First Vice President Olga Skorobogatova, the central bank will be able to launch a currency in the next 5-7 years, given the rate of development of currencies. Speaking at the meeting last week, Skorobogatova said, “Then we can deal directly with integration issues. In this case, SWIFT may not be necessary because there will be a different type of technological interaction.”   SWIFT System SWIFT is known as a messaging network used by banks and other financial institutions to securely transmit information and instructions through codes. It also enables cross-border payments, along with other services, among more than 10 thousand financial institutions in many countries around the world. On the other hand, Olga Skorobogatova made statements that SWIFT could be one of the platforms used by the new central bank currencies. This system will most likely replace SWIFT as Russia's banks are threatened to be removed from the network as part of wider sanctions against the country, and the Russian Central Bank is also working on its own messaging system.   SWIFT and Crypto Currency Creating your own crypto currency is not included in SWIFT's plans, but this may differ in the future. A SWIFT cryptocurrency will support not only Swift, but also Bitcoin, as well as the rise of popular cryptocurrency systems such as JPM Coin and Ripple.