Russia to Transfer its ‘SWIFT’ Payments to the Blockchain

The European powerhouse is planning on replacing SPFS—the local version of SWIFT—with blockchain come 2019.

0
256

It was reported that the Central Bank of Russia will be transferring payments on its local version of SWIFT, SPFS, to the blockchain. For the grand plan, the central bank is reported to either be creating their own blockchain platform or to be utilizing the Ethereum blockchain which was created by the Russian-Canadian Vitalik Buterin.

Russia has always been known to be highly interested in blockchain technology. It was even reported that an FSB State Security Service employee has declared last year that “blockchain will belong to Russia.” Transferring payments to the blockchain is seen as a move towards that goal.

SWIFT vs. Blockchain

SWIFT is no stranger to security threats. It has seen hacks and various other security concerns in the past years. If blockchain technology can be integrated into the SPFS, the system could turn out to be more reliable and more secure than SWIFT.

SWIFT hack attacks have affected many banks, including Russia’s own Globeks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here